China raises retail fuel prices

China, the world’s second-biggest oil consumer, has raised fuel prices and increased power tariffs to rein in energy consumption and slowdown the economy. Petrol will increase 17% to 6,980 yuan (US$1,024) a metric ton, while diesel fuel will rise 18% to 6,520 yuan (US$957) and jet fuel will climb 25%, to 7,450 yuan (US$1,094), the National Development and Reform Commission (NDRC) said on its website. It is also considering a so-called environmental tax, a new levy on auto fuels and changes to existing taxes on natural-resource use, Fu Jing, deputy director of policy and legislation at the State Administration of Taxation, said. (June 21, 2008)