China raises prices of gasoline and diesel fuel

China’s National Development and Reform Commission (NDRC) has raised retail prices for gasoline and diesel fuel by CNY300 (US$47.64) per metric ton in early February. Analysts say the oil price hikes will help domestic refineries recover losses due to higher global crude oil prices. The price hike is also expected to encourage production at domestic refineries, which may avert shortages during the peak season for diesel demand starting April. After the adjustments, the price of gasoline rose 3.3% to CNY9,380 (US$1,488.83) per ton, while the price of diesel fuel went up by 3.65% to CNY8,530 (US$1,353.92) per ton. (February 13, 2012)