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Fuel prices raised after gains in international crude

By Xiao Qian (Global Times)

08:30, February 25, 2013

China will raise wholesale gasoline and diesel prices starting Monday because of a rise in international crude prices, the National Development and Reform Commission (NDRC), the country's top economic planner, announced in a statement Sunday.

The NDRC will raise wholesale gasoline prices by 300 yuan ($48) per ton, or 3.4 percent, while the price of diesel will increase by 290 yuan per ton, or 3.6 percent, the statement said.

On average, retail prices for 90-octane gasoline will rise by 0.22 yuan per liter with diesel going up by 0.25 yuan per liter, the statement said.

"The transportation costs for logistics companies will increase by 1.77 percent after the price hike," said Chen Qing, an analyst at Sublime China Information Co.

The fuel cost for private car owners will rise by around 30 to 50 yuan per month, Chen noted.

"The hike may have a limited effect on the consumer price index because businesses have adjusted to slight fluctuations in oil prices," Liao Kaishun, an analyst with industry watchers C1 Energy, told the Global Times Sunday.

"Also, adjusting refined oil prices appropriately will be beneficial for the stable and sustainable development of the economy," Liao noted, adding that the price hike is also a reflection of the government's determination to reform the current pricing adjustment mechanism.

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