China Increases Fuel Prices for First Time in Five Months
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China, the world’s second-biggest oil consumer, increased gasoline and diesel prices for the first time since March after global crude costs climbed.
The maximum at which gasoline can be sold to motorists will rise by 390 yuan ($61) a metric ton and diesel by 370 yuan starting today, the National Development and Reform Commission said in a statement on its website yesterday. The pump price of 90-RON China III gasoline in Beijing will increase about 4.3 percent to 9,490 yuan a ton, or $4.27 a U.S. gallon, according to Bloomberg calculations from NDRC data. The China III specification is similar to the Euro III fuel standard.