Gas, diesel prices set to be hiked this month
Source: Xinhua |
August 2, 2012, Thursday
|
Print Edition
Print Edition
CHINA is likely to raise gasoline and diesel prices this month after three consecutive cuts this year, as the international crude oil prices to which the country's prices are pegged have increased.
Data from a Xinhua news agency monitoring system showed that as of Monday, the basket of crude oil prices used to calculate China's own fuel prices went up by an average of 4.41 percent since its previous adjustment last month. The moving rate calculated by Oilchem.net and Chem99.com, two major oil industry service providers, came in at 4.45 percent and 4.47 percent, respectively.
China adopted an oil pricing mechanism in 2009 that allows its top economic planner, the National Development and Reform Commission, to adjust retail fuel prices when international crude oil prices change by more than 4 percent over 22 working days.
China's previous adjustment fell on July 11, when the NDRC slashed the price of gasoline by 420 yuan (US$66.70) a ton and that of diesel by 400 yuan a ton.
"August 9 will be the 22nd working day. If international crude oil prices keep fluctuating, the cumulative change is likely to amount to 6-7 percent," said Chen Qing, a Chem99.com analyst.
Data from a Xinhua news agency monitoring system showed that as of Monday, the basket of crude oil prices used to calculate China's own fuel prices went up by an average of 4.41 percent since its previous adjustment last month. The moving rate calculated by Oilchem.net and Chem99.com, two major oil industry service providers, came in at 4.45 percent and 4.47 percent, respectively.
China adopted an oil pricing mechanism in 2009 that allows its top economic planner, the National Development and Reform Commission, to adjust retail fuel prices when international crude oil prices change by more than 4 percent over 22 working days.
China's previous adjustment fell on July 11, when the NDRC slashed the price of gasoline by 420 yuan (US$66.70) a ton and that of diesel by 400 yuan a ton.
"August 9 will be the 22nd working day. If international crude oil prices keep fluctuating, the cumulative change is likely to amount to 6-7 percent," said Chen Qing, a Chem99.com analyst.
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