China hikes retail fuel prices, first in 8 months
[BEIJING] China will raise retail prices of gasoline by 290 yuan (US$46) per tonne and of diesel by 280 yuan from Tuesday, the first increase in eight months, after global oil prices recovered some 20 per cent in the past two weeks.
The National Development and Reform Commission, or China's top planner, posted the statement of the price adjustment on its website on Monday.
The increase followed a string of price cuts since July that had slashed Chinese retail fuel rates by about a third.
Taking advantage of steep falls in global oil markets, the central government raised twice the consumption fuel tax for gasoline and diesel in late 2014.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Asia: Oil surges, equities sink as Israel strikes on Iran fan Middle East escalation fears
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates