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Fuel price rise drives up cost of motoring
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Motorists in Shanghai will have to pay more for their gasoline from today after China yesterday announced a rise of less than 1 percent in fuel prices, the third increase in two months due to higher crude oil rates.
At Shanghai pumps, the ceiling price for 93-octane gasoline is now 7.96 yuan (US$1.30) per liter, up from 7.89 yuan, while 97-octane gasoline will cost 8.47 yuan, up from 8.39 yuan. Zero-grade diesel now sells for 7.86 yuan, up from the previous 7.79 yuan.
Shanghai is among Chinese cities that are replacing the 90, 93 and 97-octane fuels with the cleaner 89, 92, and 95-octane gasoline, similar to Euro V standard fuel.
Sinopec, which has about 70 percent of Shanghai’s market, has said the cleaner fuel won’t cost more before it completes upgrading all local gas stations by the end of October.
Nationwide, gasoline price goes up by 90 yuan per ton and diesel 85 yuan per ton, or an average of 0.07 yuan per liter for the benchmark 90-octane gasoline and zero-grade diesel in the latest hike, according to the National Development and Reform Commission, which reviews fuel rates every 10 working days.
The price increase was due to rising unrest in the Middle East which drove up crude prices in early September, although crude has fallen a bit in recent days, according to the NDRC.
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