Beijing to hike fuel prices by 4%

Beijing will raise fuel prices by about 4% or RMB300 (US$44.12) per metric ton today, state media reported, citing officials from the National Development and Reform Commission (NDRC). The price hikes come as a result of fluctuations in international oil prices. Retail gas prices will rise RMB0.22 (US$0.03) per liter and diesel will increase by RMB0.26 (US$0.04) per liter. The benchmark price of gasoline will be RMB6,810 (US$997.14) per metric ton and RMB6,070 (US$888.79) per metric ton for diesel. Today’s price hike is the seventh time the NDRC has adjusted prices since instituting a new pricing system at the start of the year. Under the mechanism, the NDRC will consider changing benchmark oil product prices when international crude price rise or fall by a daily average of 4% over 20 days.