China hikes fuel prices

China raised the price of gasoline by US$48 per metric ton and diesel by US$47 effective today, amid a gain in oil benchmarks since the start of the year, the first rise in fuel prices since September, Bloomberg reported. The pump price of 90-RON will increase 3.1% to US$4.55 a gallon, according to Bloomberg calculations based on data from China’s National Development and Reform Commission. The price of Brent crude from the North Sea has increased 2.7% this year, while the price of US West Texas Intermediate increased 1.4%. The government will continue to subsidize farming and public transportation to offset the cost of fuel, the NDRC said.