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China hikes fuel prices by over 3%

Feb. 8, 2012 (China Knowledge) - China's National Development and Reform Commission (or NDRC) raised the prices of gasoline and diesel by more than 3% or RMB 300 per ton today.
The move reflects an increase of 3.3% from current average gasoline retail ceiling price of RMB 9,080 per ton, and the diesel price increased by 3.6% from current RMB 8,230 per ton, said analysts, adding that this is in response to rising prices in international markets.

The fuel price increase will improve refining margins for leading Chinese oil giants, including Sinopec<600028><0386> and PetroChina Co Ltd<601857><0857>.

The last changed fuel prices occurred on October 9, 2011. NDRC cut the prices by RMB 300 per ton.

The domestic fuel prices may be adjusted when the moving average of a basket of international crude oil price changes over 4% in a period of 22 working days, according to China's oil product pricing system that was introduced in 2009, sources reported.

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