China raises fuel prices by up to 8%

China has raised gasoline, diesel and jet fuel prices by as much as 8%, the first increase in more than two months, as both the cost and demand for crude grow, Bloomberg reported. Pump prices for 90 octane gas will be set at a maximum of US$0.88 a liter in Beijing, the National Development and Reform Commission said on its website. The increase is the fifth since December, when a system that keeps oil-product prices in line with global crude costs and ensures refiners turn a profit was introduced. "The fuel price adjustment will encourage refineries to boost production and guarantee domestic supply," the NDRC said. "It will also help energy conservation and reduce emissions." It said the price hike will lift November’s consumer price index by 0.12 percentage points.