BIZCHINA / Backgrounder
China raises gasoline price by 7%
(Agencies)
Updated: 2005-03-23 16:05
China has raised its retail benchmark rate for gasoline by about 7
percent in response to surging crude oil prices on the international
market, the National Development and Reform Commission (NDRC) said.
But the NDRC said it was keeping diesel fuel prices unchanged.
The official Xinhua news agency said the ex-refinery rate for gasoline
has been raised by 300 yuan (US$45.78) per ton, effective today, but an
NDRC official said the price is actually a benchmark that is used for
setting prices for various types of gasoline.
The new rate for gasoline is 4,609 yuan per metric ton, with diesel
prices remaining at 3,832 yuan per ton, according to industry sources.
This is the first time this year that NDRC, which oversees the country's
industrial policies and sets utility prices, has raised gasoline prices.
It last raised prices in August last year.
Industry officials said they expect the rate hike to boost state
refiners' margins but do little to slow robust demand.
Following the NDRC directive, the country's largest oil producer China
National Petroleum Corp (CNPC) and Asia's top refiner China Petroleum &
Chemical Corp (Sinopec), have also marked up gasoline sales prices at
their outlets nationwide.
In Beijing, for example, gasoline prices have now gone up by 0.23-0.27
yuan per liter, with 93-octane gasoline now priced at 3.92 yuan, against
3.66 yuan and that of 90-octane rising to 3.67 yuan from 3.42 yuan.
Prices in other cities have also gone up accordingly.
The NDRC had already raised jet fuel ex-refinery prices by 12 percent to
4,140 yuan last week due to surging international crude rates.
The commission marked up jet fuel rates twice last year - raising it to
3,310 yuan per ton from 2,929 yuan in March and to 3,710 in August.
(For more biz stories, please visit Industry Updates)
Most Popular Stories in 48 Hours
� Property prices in major cities rise 5.6%
� Have you met the new metlife today?
� Xie Qihua: Made of Steel
� Women still a long way from equal pay
� 103 Chinese firms listed in Singapore
Today's Top News
� China urges free trade pact with South Korea
� Chinese to be evacuated from E. Timor
� Quake toll tops 5,000, aid pours in
� Stable long-term oil supply predicted
� Downpayment to rise for home buyers
Top Biz News
� Rural labor shortage beginning to be felt
� Water consumption for per unit of GDP to drop 30%
� China, Japan start forum on energy saving cooperation
� Circular economy law to improve efficiency
� 'Little giants' to drive Shanghai innovation
Alibaba is the largest B2B marketplace in the world. Source model ship,
wooden puzzle, one-piece toilet, RC hovercraft, photo album, prom dress,
pocket bike, Vaginal Speculum, Samurai Sword, String Panty and PVC Pipe.
Learn mandarin
