China to up fuel prices 6 to 7 percent; biggest hike in 33 months | CHINA US Focus

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China to up fuel prices 6 to 7 percent; biggest hike in 33 months

Jim Bai and Chen Aizhu, Reuters
March 19, 2012
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China will raise retail gasoline and diesel prices by 6 percent to 7 percent from Tuesday, marking the biggest increase in 33 months, a move that will help refiners reduce heavy losses but is unlikely to hit demand in a big way.
 
Retail ceiling prices will rise 600 yuan ($95) per ton, oil company officials who received official notice of the change said. After the hike, diesel will be about $1.22 per liter and 90-octane gasoline $1.17.
 
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