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China raises fuel prices by more than 6%

Mar. 20, 2012 (China Knowledge) - China's National Development and Reform Commission (or NDRC) raised the prices of gasoline and diesel by more than 6% or RMB 600 per metric ton today.
The move reflects an increase of 6.4% from the average gasoline retail ceiling price of RMB 9,380 per metric ton, and the diesel price increased by 7.0% from RMB 8,530 per metric ton, said analysts, adding that this is in response to rising prices in international markets.

After the price hike, the benchmark retail price of gasoline will increase by RMB 0.44 per liter and that of diesel rise RMB 0.51 per liter.

The last changed fuel prices occurred on Feb. 8, 2012 when NDRC raised the prices by RMB 300 per metric ton. Since then, the international crude oil prices have increased more than 10%.

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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