Asia Bizz: China, the current economic giant in the world, has increased the fuel prices around the country, as inflation is slowly gripping everyone. The country’s National Development and Reform Commission (NDRC) has stated that it will be rising 310 yuan on every ton of gasoline and 300 yuan on every ton of Diesel, this is the second time this year that China has risen the price of fuel, last time being in the month of October.

The new prices will eventually rise the retail price of Gasoline by 0.23 yuan a litre and 0.26 yuan a litre on diesel. In the West, the Crude oil prices have risen to $88 a barrel and sea crude oil to $92 a barrel. According to the statistics reports this is the highest price that the country will witness since 2008.

There is some other news from China which will be providing relief to everyone, it is said that the fuel price hike has not yet been confirmed, as the inflation in the country is still tolling sky high, and price rise was just unexpected.

Source: ChinaDaily