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China Further Raises Oil Prices
China Thursday announced a further increase in the prices of refined oil products, the fifth price hike in eight months.
A circular issued by the State Development Planning Commission, which takes immediate effect, said that oil refineries are allowed to raise the price of gasoline by 200 yuan per ton, and that of diesel by 180 yuan per ton.
The retail prices would be readjusted accordingly.
The commission said the price hike is to further attune China's domestic oil price with the international market and establish a pricing mechanism that could respond to fluctuations in the international oil market.
The commission urged crude oil producers and refineries to increase their diesel production to ease the shortage of supply.
It warned against any form of illegal hoarding or price hikes and said that any such activities would result in severe punishment.
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