China may raise fuel prices by 6-8%

China may raise domestic retail gasoline and diesel prices by around 6 to 8% this week, the fourth hike this year, as benchmark crude prices topped US$74 a barrel, analysts and industry sources said. The government may raise prices by 400 to 500 yuan (U$58.59-U$73.24) per ton, to track a basket of global crude prices that have moved up nearly 10% since Beijing’s last price change on July 29. A fuel marketing official with Sinopec Corp. said expectations for an imminent fuel price hike have already spurred fuel sales at his firm in southern Guangdong province. Beijing last raised gasoline and diesel fuel prices on June 30, the second in a month that increased prices by a total of 15 to 17%. (August 25, 2009)