China to raise fuel prices from 26 October - source

25 October 2010 10:47  [Source: ICIS news]

SHANGHAI (ICIS)--China will raise the retail prices of gasoline and diesel for the second time this year, effective 26 October, in tandem with recent increase in international oil prices, a source close to National Development and Reform Commission (NDRC) said on Monday.

The gasoline price would be raised by yuan (CNY) 230/tonne ($35/tonne) while diesel price would be increased by CNY 220/tonne starting Tuesday, the source was quoted in a report by Chinese energy market intelligence service C1 Energy as saying.

(C1 Energy is a wholly owned subsidiary of CBI China, in which ICIS is in the process of increasing its ownership stake.)

China increased the fuel oil prices for the first time this year in April, according to a previous report from ICIS.

However, China cut gasoline prices by yuan (CNY) 230/tonne at CNY7,190/tonne, while diesel prices went down by CNY220/tonne to CNY6,460/tonne on 1 June 2010.

John Chu from C1 Energy contributed to this article.

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