China Raises Gasoline and Diesel Prices

Source: The Moscow Times

The Chinese government has raised retail prices for gasoline and diesel fuel by 4% domestically after a 2% decline in August, the State Committee for Development and Reforms of the People’s Republic of China said.

The cost of one ton of gasoline from October 10 will increase by 345 yuan (about $53.4) to 9295 yuan ($1438), and diesel fuel – by 330 yuan (about $ 51) to 8295 yuan ($1248).

In China, the price of fuel is regulated by the state. A change in the price of a ton of oil by more than RMB 50 within 10 working days leads to a change in the price of gasoline and diesel fuel.