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China raises fuel prices as oil climbs

04-07-2011 10:28 BJT

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China's top economic planner has raised domestic fuel prices, aiming to ease the burden for state-owned refiners who face climbing international oil prices.

The National Development and Reform Commission lifted the retail ceiling price for gasoline by 500 yuan per ton, and for diesel by 400 yuan per ton. Analysts say the hike is due to the rising price of global crude prices, which is above 100 US dollars a barrel. China last raised fuel prices by over 4 percent on February 19... but since February 15th, oil in New York has advanced nearly 30 percent, when turmoil broke out in Libya, formerly Africa's third-biggest oil producer.

The NDRC says it has already delayed the hike, in order to put less pressure on already mounting inflation.

The National Development and Reform Commission lifted
the retail ceiling price for gasoline by 500 yuan per
ton, and for diesel by 400 yuan per ton. Analysts say
the hike is due to the rising price of global crude
prices, which is above 100 US dollars a barrel.

 


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