07 April 2011 05:22 [Source: ICIS news]
SHANGHAI (ICIS)--China is raising the fuel prices of gasoline and diesel by CNY500/tonne ($76/tonne) and CNY400/tonne, respectively, with effect from 7 April, the government said late on Wednesday.
The increase will lift the national average pump prices of 90-Ron gasoline by 5.63% to CNY9,380/tonne and that of zero pour point diesel by 4.9% to CNY8,530/tonne, both at historical highs, said C1 Energy, an ICIS service in China.
The 22-day moving average price of a basket of international crude oil – Brent, Dubai and Cinta – which Beijing tracks to see whether fuel price adjustments are necessary, had gained over 14% until 5 April, according to C1 Energy. This was far above the 4% that is required for adjustments.
The National Development and Reform Commission (NDRC) usually delays the adjustment for 20 days and is more likely to do so now as it tries to stabilise prices against inflation in China this year, industry sources said.
($1 = CNY6.55)
Additional reporting by Fanny Zhang
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