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China announces first fuel price increase for the year

Published on Feb 24, 2013 10:41 PM

BEIJING (REUTERS) - China will raise the retail price ceiling for petrol and diesel from Monday in response to increases in global oil prices, the National Development and Reform Commission (NDRC) said on Sunday.

Petrol price will rise by 300 yuan (S$59.50) per tonne and diesel by 290 yuan per tonne, the NDRC planning agency said in a statement on its website, The announcement confirms an earlier report by energy consultancy C1 Energy.

The increases, the first this year, come after crude oil prices passed a trigger point at which the country can change fuel prices. Higher domestic fuel prices would be in line with recent rises in global oil prices, which have been propelled by signs of economic recovery in the United States and Europe, the planning agency said.

China last adjusted fuel prices on Nov 16, when it cut them by about 3 per cent in response to a fall in crude oil prices.

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