Fuel prices to increase

Fuel prices to increaseGasoline and diesel prices increased by 350 yuan per ton, this marks the first increase this year and the second one in the past two months. The National Development and Reform Commission raised the benchmark retail price of gasoline to .26 yuan per liter and diesel at .3 yuan per liter.

Gas stations in Shenzhen listed new gasoline prices the No. 93 gasoline is now 7.49 yuan per liter, No. 97 gasoline is now at 8.11 yuan per liter diesel prices is now 7.17 yuan per liter. The price increase followed suit when prices of international crude oil rose in the past week. The Chinese government started an oil pricing mechanism in 2009 that allows the NDRC to freely adjust fuel prices when the price for international crude oil changes by 4 percent in the span of 22 straight days.

The last price increase for both gasoline and diesel was in December 2010, and international crude oil prices have already increased more than 4 percent in January 22. Increase will be around ten percent if international prince will be followed and the government is still considering some factors such as the current price situation, the just ended Spring Festival season and demand and supply conditions of the oil market.

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