China hikes gasoline, diesel prices by RMB 600 per ton

The National Development and Reform Commission (NDRC), China’s top economic planner, yesterday raised gasoline and diesel prices by RMB 600 (about US$87) per ton effective today. The increase is about RMB 0.45 or 8.6% per liter of gasoline, and RMB 0.51 or 9.6% per liter of diesel fuel, according to a statement published on NDRC’s website. It was the third oil price increase since late March. On Mar. 25, the NDRC increased the benchmark retail prices of gasoline and diesel by RMB 290 per ton and RMB 180 per ton, respectively, and on May 31, it raised prices by RMB 400 per ton. The NDRC said that the oil price adjustment was made in response to recent international oil price fluctuations under the nation’s new fuel pricing mechanism, which links domestic prices to international oil prices in a controlled manner. (June 30, 2009)