China hikes gasoline, diesel prices from 25 February

25 February 2013 03:12  [Source: ICIS news]

SINGAPORE (ICIS)--China will raise its gasoline price by yuan (CNY) 300/tonne ($48/tonne) and diesel price by CNY290/tonne from 25 February, the National Development & Reform Commission (NDRC) announced on 24 February.

With the hikes, China’s national average retail prices of 90-RON gasoline and zero pour point diesel will be at CNY9,630/tonne and CNY8,810/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 has increased by 5.1% since the last adjustment, according to C1 Energy, an ICIS service in China.

China last cut its gasoline and diesel prices by CNY310/tonne and CNY300/tonne respectively on 16 November 2012.

($1 = CNY6.24)

By: Fanny Zhang
+65 6780 4359

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