Motorists will pay more for fuel today
By Richard Fu |
February 25, 2013, Monday
|
Print Edition
Print Edition
CHINA has raised fuel prices by more than 3 percent in response to higher global crude oil rates.
Gasoline went up by 300 yuan per ton while diesel added 290 yuan per ton, the National Development and Reform Commission, which sets energy prices, said yesterday.
At Shanghai pumps today, the ceiling retail price for 93-octane gasoline rises to 7.99 yuan per liter from 7.75 yuan while 97-octane gasoline climbs to 8.50 yuan from 8.24 yuan. Zero-grade diesel now sells for 7.91 yuan per liter, up from 7.66 yuan.
Prices vary from province to province. Shanghai's rates are among the highest in mainland cities because of higher fuel standards.
The price adjustment was the first since November 16 when China cut gasoline and diesel by 310 yuan and 300 yuan per ton respectively.
The NDRC said higher crude prices, the result of expectations of improving economic conditions in the US and Europe and upheavals in the Middle East allowed it to raise domestic fuel prices under the current pricing mechanism.
That's in spite of the retreat in crude prices in recent days, it said.
The 22-day moving average of Brent, Dubai and Cinta crude benchmarks was 5.14 percent higher last Thursday above the level when China last adjusted prices in November, according to the latest available data from consultancy ICIS C1 Energy.
A rise or fall in the benchmarks of more than 4 percent allows the government to adjust fuel prices. The trigger point was first met as early as February 15, when the moving average was up 4.3 percent, C1 Energy said.
The commission is believed to have refrained from raising fuel prices until after yesterday's Lantern Festival to mitigate the impact of higher costs.
Fuel demand usually remains high until the Lantern Festival, which marks the end of China's Lunar New Year celebrations and the return to the cities of many people from across the country.
Gasoline went up by 300 yuan per ton while diesel added 290 yuan per ton, the National Development and Reform Commission, which sets energy prices, said yesterday.
At Shanghai pumps today, the ceiling retail price for 93-octane gasoline rises to 7.99 yuan per liter from 7.75 yuan while 97-octane gasoline climbs to 8.50 yuan from 8.24 yuan. Zero-grade diesel now sells for 7.91 yuan per liter, up from 7.66 yuan.
Prices vary from province to province. Shanghai's rates are among the highest in mainland cities because of higher fuel standards.
The price adjustment was the first since November 16 when China cut gasoline and diesel by 310 yuan and 300 yuan per ton respectively.
The NDRC said higher crude prices, the result of expectations of improving economic conditions in the US and Europe and upheavals in the Middle East allowed it to raise domestic fuel prices under the current pricing mechanism.
That's in spite of the retreat in crude prices in recent days, it said.
The 22-day moving average of Brent, Dubai and Cinta crude benchmarks was 5.14 percent higher last Thursday above the level when China last adjusted prices in November, according to the latest available data from consultancy ICIS C1 Energy.
A rise or fall in the benchmarks of more than 4 percent allows the government to adjust fuel prices. The trigger point was first met as early as February 15, when the moving average was up 4.3 percent, C1 Energy said.
The commission is believed to have refrained from raising fuel prices until after yesterday's Lantern Festival to mitigate the impact of higher costs.
Fuel demand usually remains high until the Lantern Festival, which marks the end of China's Lunar New Year celebrations and the return to the cities of many people from across the country.
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