UpdateChina to raise gasoline and diesel prices on 22 December

21 December 2010 16:07  [Source: ICIS news]

(Confirms price rises are to go ahead and provides new prices)

SHANGHAI (ICIS)--China will raise its gasoline and diesel prices by yuan (CNY) 310/tonne ($47/tonne) and CNY300/tonne, respectively, from 22 December, Chinese economic body the National Development and Reform Commission (NDRC) said on Tuesday.

Gasoline would rise to CNY7,730/tonne and diesel to CNY6,980/tonne when the change took effect, NDRC said.

Under its fuel oil price scheme, the Chinese government can adjust the prices when crude oil costs change by more than 4% over 22 working days.

NDRC said that since 26 October the international oil price had changed by more than 4%, so the country had decided to raise the prices for gasoline and diesel.

China last raised the prices on 26 October, according to an earlier report from ICIS.

($1 = CNY6.68)

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