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China to raise fuel prices by 4%

China;fuel price

A petrol station employee fills the tank of a car in Shanghai, east China, Sep. 2, 2009. China raised the prices of gasoline and diesel by 300 yuan (44.12 U.S. dollars) a tonne, or about 4 percent each since Sept. 2. The retail price of gasoline increased by 0.22 yuan a liter, and diesel increased by 0.26 yuan a liter.

China is to raise the prices of gasoline and diesel by 300 yuan (44.12 U.S. dollars) a tonne, or about 4 percent each Sept. 2, the country's top economic planning agency said late Tuesday.

The retail price of gasoline will increase by 0.22 yuan a liter, and diesel will increase by 0.26 yuan a liter, said the National Development and Reform Commission (NDRC).

China;fuel price

A petrol station employee changes the price tag of oil in Beijing, China, Sep. 2, 2009.

The benchmark price of gasoline will be 6,810 yuan a tonne, and for diesel 6,070 yuan a tonne.

Jet fuel prices will rise to 7,010 yuan a tonne, up 4.6 percent.

The price hike is in accordance with international price changes, said the NDRC.

It is the seventh fuel price adjustment since China adopted a new fuel pricing mechanism on Jan. 1.

Under the mechanism, the NDRC will consider changing benchmark oil product prices when the international crude price rises or falls by a daily average of 4 percent over 20 days.

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 Source : Xinhua  Editor: Ivy
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