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China raises fuel prices by 4%

China is to raise the prices of gasoline and diesel by 300 yuan ($44.12) a ton, or about 4 percent each, from 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).

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

Jet fuel prices will rise to 7,010 yuan a ton, 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 January 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.

On Tuesday, the benchmark crude for October delivery was up 18 cents before settling at $70.14 a barrel on the New York Mercantile Exchange. Brent crude was up 22 cents at $69.87.

The NDRC is basing its adjustment of domestic fuel prices on three variations of global crude prices, but did not reveal their structure.

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 Source : Xinhua News Agency  Editor: Ivy
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