China raises gasoline, diesel prices
2009-November-10 Source: China View website
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  A worker adjusts the price tag at a gas station in east China's Shanghai Municipality, early Nov 10, 2009. China raised gasoline and diesel prices both by 480 RMB RMB (70.28 USD) per tonne on Nov 10. (Xinhua/Pei Xin)

China will raise gasoline and diesel prices both by 480 RMB (70.28 USD) per tonne from Tuesday (Nov 10), the National Development and Reform Commission (NDRC) announced on its website Monday.

The benchmark price of gasoline will be 7,100 RMB a tonne and that of diesel 6,360 RMB a tonne, according to the NDRC.

The retail price of gasoline will climb by 0.36 RMB per liter and that of diesel will rise by 0.41 RMB per liter.

  A taxi driver refuels his car at a gas station in Beijing, capital of China, late Nov 9, 2009. (Xinhua/Luo Xiaoguang)

The country adopted a new fuel pricing mechanism, which took effect on Jan 1.

Under the pricing mechanism, the NDRC will consider changing the benchmark retail prices of oil products when the international crude price changes more than four percent over 22 straight work days.

"Margins of price fluctuations are within expectation. The price hike can help relieve domestic refiners' pressure from soaring oil refining cost," said Wang Jing, an analyst on petrochemical sector with Orient Securities Company Limited.

The price hike was aimed to protect oil refiners' interests, ensure market supply and help lead rational consumption to promote energy-saving and emission reduction, the NDRC said.

  Taxi drivers wait to refuel their cars outside a gas station in east China's Shanghai Municipality, late Nov 9, 2009. (Xinhua/Pei Xin)

The NDRC would take active measures to help reduce pressure brought to sectors like transportation, the NDRC said.

International crude oil price might continue to rise within this year as demand would continue to grow amid global economic recovery, Wang said.

  A worker refuels a taxi at a gas station in Beijing, capital of China, late Nov 9, 2009. (Xinhua/Luo Xiaoguang)

Editor: Miranda
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