China Hikes Fuel Prices by More than 6%

China's National Development and Reform Commission (NDRC) today raised the prices of gasoline and diesel by RMB 550 per metric ton and RMB 540 per metric ton, respectively.

The move reflects an increase of 6.1% from the average gasoline retail ceiling price of RMB 9,090 per metric ton, and a rise of 6.5% from the average diesel retail ceiling price of RMB 8,280 per metric ton, said analysts, adding that this is in response to rising prices in international markets.

After the price hike, the average retail price of gasoline increased by RMB 041 per liter and that of diesel rose RMB 0.46 per liter.

The last changed fuel prices occurred on Aug. 10, 2012 when NDRC lowered the prices by RMB 390 and RMB 370 per metric ton, respectively.

The domestic fuel prices may be adjusted when the moving average of a basket of international crude oil price changes over 4% in a period of 22 working days, according to China's oil product pricing system that was introduced in 2009, sources reported.