China hikes fuel prices by $70.3/t from 10 Nov

10 November 2009 02:04  [Source: ICIS news]

SHANGHAI (ICIS news)--China has again raised gasoline and diesel prices by CNY480/tonne ($70.3/tonne) from 10 November in line with an increase in crude values, China’s National Development and Reform Commission (NDRC) said late on Monday.

Effective Tuesday, gasoline prices would be CNY7,100/tonne, while diesel prices would be CNY 6,360/tonne, the NDRC said.

This is China’s eighth fuel price adjustment made under the new pricing mechanism that the country adopted late last year. Of these five were upward revisions and three were reductions, the commission said.

Under the scheme, the Chinese government adjusts domestic fuel prices when crude oil costs see a change of 4% within a 22-working day period, NDRC said on its website.

($1=CNY6.83)

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