China to hike gasoline, diesel prices from 11 September
10 September 2012 11:34 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China will increase gasoline and diesel prices by yuan (CNY) 550/tonne ($87/tonne) and CNY540/tonne respectively, effective from 11 September, the National Development & Reform Commission (NDRC) said on Monday.
With the hike, China’s national average retail price of 90-Ron gasoline and zero pour point diesel will be CNY9,640/tonne and CNY8,820/tonne, respectively, according to 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.
The 22-day moving average of the crude basket increased by 8.43% on 10 August when China last adjusted its fuel prices, according to C1 Energy, an ICIS service in China.
China raised its gasoline and diesel prices by CNY390/tonne and CNY370/tonne respectively on10 August.
($1 = CNY6.34)By: Fanny Zhang+65 6780 4359
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