China raises prices of refined oil, electricity

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Source: CCTV.com | 06-20-2008 08:33

In China, the National Development and Reform Commission announced price hikes for gasoline, diesel oil, aviation kerosene and electricity.

A driver looks at the price of refined oil  at a gas station in Qingdao, a city in east  China's Shandong Province, on the early  morning of June 20, 2008. (Xinhua/Li Ziheng)

Coming into effect on June the 20th, the benchmark gasoline and diesel oil retail prices increase by a thousand yuan per tonne, with the price of aviation kerosene going up 1,500 yuan per tonne. The prices of natural gas and liquefied petroleum gas remain unchanged.

The retail prices of gasoline and diesel oil rise to 6,980 yuan and 6,520 yuan per tonne, increases of more than 16 and 18 percent respectively.

At the pumps, that translates into mark-ups of 0.8 yuan and 0.92 yuan per liter for gasoline and diesel oil.

The National Development and Reform Commission says the oil price adjustments have been made to guarantee supplies in the country by closing the gap between international crude price hikes and state-set domestic oil prices. Crude oil topped 136 US dollars a barrel on the international market on Wednesday, just shy of recent record highs.