Shanghai to hike fuel prices by 2.5% tomorrow

By Richard Fu | August 30, 2013, Friday |

Online Edition

Shanghai’s pump rates will increase by 2.5 percent from tomorrow after China adjusts fuel prices for the first time in more than a month amid higher crude costs.

At local pumps, the ceiling price for 93-octane gasoline will be 7.89 yuan (US$1.29) per liter, up from 7.70 yuan, while 97-octane gasoline will be 8.39 yuan from 8.19 yuan. Zero-grade diesel will be 7.79 yuan, up from 7.60 yuan.

Rates vary among provinces.

Nationwide, gasoline price will rise by 235 yuan per ton and diesel 225 yuan per ton, or 0.17 yuan per liter for 90-octane gasoline and 0.19 yuan per liter for zero-grade diesel on average, according to the National Development and Reform Commission, which sets energy prices.

The NDRC, which reviews fuel rates every 10 working days, last adjusted rates on July 20. Crude prices have surged over the past week amid rising tensions in the Middle East.

Domestic fuel prices are adjusted when international crude prices reflect a change of more than 50 yuan per ton for gasoline and diesel over a period of 10 working days. The NDRC didn’t adjust prices in the past two reviews because changes in crude prices were not enough.

Energy

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Shanghai to hike fuel prices by 2.5% tomorrow

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