Motorists to pay more at pumps
By Richard Fu |
June 22, 2013, Saturday
|
Print Edition
Print Edition
PUMP prices go up about 1 percent in Shanghai today to reflect higher crude oil prices.
The ceiling price for 93-octane gasoline is now 7.51 yuan (US$1.22) per liter, from 7.43 yuan, while 97-octane gasoline is 7.99 yuan from 7.90 yuan. Zero-grade diesel is 7.40 yuan, up from 7.32 yuan.
Rates vary from province to province and Shanghai's rates are among the highest in China, in part because of higher fuel standards.
Nationwide, the price of gasoline went up 100 yuan per ton and diesel by 95 yuan per ton, or 0.07 yuan for 90-octane gasoline and 0.08 yuan for diesel on average, said the National Development and Reform Commission, which sets energy prices.
The price rise is the result of a mechanism that reviews fuel rates every 10 working days according to changes in global crude rates. But prices aren't adjusted if the resulting changes are less than 50 yuan per ton. Any such changes will be reflected in the following price adjustment.
The new mechanism, introduced in March, replaced one under which fuel prices were reviewed every 22 working days and there was a limit on the threshold that triggered a change in prices.
China has reformed the pricing system to link fuel prices more closely to crude rates.
The ceiling price for 93-octane gasoline is now 7.51 yuan (US$1.22) per liter, from 7.43 yuan, while 97-octane gasoline is 7.99 yuan from 7.90 yuan. Zero-grade diesel is 7.40 yuan, up from 7.32 yuan.
Rates vary from province to province and Shanghai's rates are among the highest in China, in part because of higher fuel standards.
Nationwide, the price of gasoline went up 100 yuan per ton and diesel by 95 yuan per ton, or 0.07 yuan for 90-octane gasoline and 0.08 yuan for diesel on average, said the National Development and Reform Commission, which sets energy prices.
The price rise is the result of a mechanism that reviews fuel rates every 10 working days according to changes in global crude rates. But prices aren't adjusted if the resulting changes are less than 50 yuan per ton. Any such changes will be reflected in the following price adjustment.
The new mechanism, introduced in March, replaced one under which fuel prices were reviewed every 22 working days and there was a limit on the threshold that triggered a change in prices.
China has reformed the pricing system to link fuel prices more closely to crude rates.
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