Worker in a gas station is adjusting
price board in Hefei, Anhui Provice, on wee hours June 1st,
2009. China will raise gasoline and diesel benchmark retail prices by
400 yuan (58.6 U.S. dollars) per tonne as of Monday, the National
Development and Reform Commission(NDRC) announced Sunday.(Xinhua
Photo) Photo
Gallery>>>
BEIJING, May 31 (Xinhua) -- China will raise gasoline
and diesel benchmark retail prices by 400 yuan (58.6 U.S. dollars) per tonne as
of Monday, the National Development and Reform Commission(NDRC) announced
Sunday.
The benchmark retail price for
gasoline would increase by 7 percent and the price of diesel by 8 percent, said
a statement on the NDRC website.
China will raise gasoline and diesel
benchmark retail prices by 400 yuan (58.6 U.S. dollars) per tonne as of
Monday, the National Development and Reform Commission(NDRC) announced
Sunday.(Xinhua Photo) Photo Gallery>>>
It is the third oil price adjustment this year. On
March 25, the NDRC, the country's top economic planner, lifted benchmark retail
price of gasoline by 290 yuan per tonne and diesel by 180 yuan per tonne.
The increase was in response to the rising
international crude prices under the country's the new fuel pricing mechanism,
which took effect Jan. 1, according to the NDRC.
According to the new mechanism, China's domestic
prices are to be "indirectly linked" to global crude prices "in a controlled
manner." China would adjust domestic fuel prices when global crude prices
reported a daily fluctuation band of more than 4 percent for 22 working days in
a row.
NDRC pricing department official Xu Kuning has
explained the "indirect link" as "based upon average global crude prices, while
taking into account domestic production costs, taxation, and 'appropriate
profits' of oil producers."
Crude prices have jumped 30 percent in May, the
largest monthly rise since March 1999, boosted by expectations of a global
economic recovery later this year.
Light, sweet crude for July delivery rose 1.23
dollars, or 1.9 percent, to settle at 66.31 dollars a barrel Friday on the New
York Mercantile Exchange.
In Sunday's notice, the NDRC urged the two
state-owned oil producers, PetroChina and Sinopec, to increase oil production to
meet demand.
It also urged local pricing regulators to strengthen
supervision over oil prices and crack down on any price violations.
BEIJING, May 8 (Xinhua) -- China's top economic planner
Friday announced details of the country's new oil pricing mechanism, for the
first time after the new pricing system kicked in at the beginning of this year.
In a statement on its website, the National
Development and Reform Commission (NDRC) said China would adjust domestic fuel
prices when global crude prices reported a daily fluctuation band of more than 4
percent for 22 working days in a row. Full story
BEIJING, May 31 (Xinhua) -- World Crude oil
prices have been climbing steadily in the past month with benchmark crude for
July delivery rising above 66 U.S. dollars a barrel on the New York Mercantile
Exchange on Friday.
Nymex benchmark crude soared
some 30 percent in May, the biggest monthly rise in a decade.
Analysts believe the recent oil market rally was
largely a result of increasing investor confidence in the global economy, rising
crude inventories in some major advanced economies and market speculation.
Full story
