China to raise gasoline, diesel prices from 10 August

09 August 2012 15:13  [Source: ICIS news]

SINGAPORE (ICIS)--China will raise gasoline and diesel prices by yuan (CNY) 390/tonne ($61/tonne) and CNY370/tonne respectively, from 10 August, the National Development & Reform Commission (NDRC) said on Thursday.

After the increase, China’s national average retail price of 90-Ron gasoline and zero pour point diesel will be CNY9,090/tonne and CNY8,280/tonne, respectively, according to the NDRC.

Under the existing pricing mechanism, fuel prices would be adjusted when the 22-day moving average of Brent, Cinta and Dubai crude change by 4% or more.

China reduced its gasoline and diesel prices, by CNY420/tonne and CNY400/tonne respectively, on 11 July.

($1 = CNY6.36)

By: Fanny Zhang
+65 6780 4359

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