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BIZCHINA> Top Biz News
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China raises gasoline, diesel prices
(Xinhua)
Updated: 2009-06-30 08:52
The increase raised the price for gasoline by about 0.45 yuan per liter, or 8.6 percent, and the price of diesel by about 0.51 yuan per liter, or 9.6 percent, said the National Development and Reform Commission (NDRC) in a statement on its Web site.
The adjustment was in response to "recent international oil price fluctuation" under the country's new fuel pricing mechanism, as international crude prices kept rising, said the statement. According to the new mechanism, China's domestic prices are to be "indirectly linked" to global crude prices "in a controlled manner." Under the pricing mechanism, China would consider changing benchmark retail prices of oil products when the international crude price rises or falls by a daily average of 4 percent over 22 working days in a row. Oil prices settled at $69.16 a barrel on the New York Mercantile Exchange Friday, registering a 4.2 percent rise from the price of $66.31 a barrel when the last adjustment took place on May 31. (For more biz stories, please visit Industries)
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