Fuel prices has risen in Guangdong Province today (May 24). The No. 97 high standard clean gasoline has jumped to 5.35 yuan per litre, a new high, and up 9.6 percent compared with the former price of 4.88 yuan per litre.

Guangdong Provincial Bureau of Prices yesterday said that according to price adjustment requirements of the State Development and Reform Commission, retail prices of gasoline and diesel have gone up by 500 yuan per tonne in the province, the biggest price increase since last year.

After the latest rise, the retail price of gasoline and diesel is 6,194 yuan and 5,443 yuan per tonne respectively in the province. State Development and Reform Commission said the soaring price of crude oil on the international market had been above 70 US dollars per barrel for days, but China's current prices are far below those of the international market.

To shorten the price gap and guarantee processed oil supply to the domestic market, the Commission decided to increase fuel prices again. Insiders say, to conform to international practices, fuel prices will be similar to the international level, which means it may go up to 7.5 yuan per litre.

Editor: Yan