Last Updated :
01 July 2009 at 10:50 IST
China again hikes petrol, diesel prices
Commodity Online
BEIJING : China has increased petrol and diesel prices by 600 yuan (about $87.8 ) per tone with effect from Tuesday.
In a statement issued here China’s National Development and Reform Commission (NDRC) said the increase will raise the price for gasoline by about 0.45 yuan per liter, and the price of diesel by about 0.51 yuan per liter.
It is the third oil price adjustment this year. On May 31, the NDRC raised the pump prices of gasoline and diesel by 400 yuan per tone, or 7 percent and 8 percent, respectively.
The increase was in response to the rising international crude prices under the country's the new fuel pricing mechanism, which took effect January 1, according to the NDRC.
Under the pricing mechanism, China would consider changing benchmark retail prices of oil products when the international crude price rises or falls by a daily average of 4 percent over 20 days.
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