The central government has raised fuel prices, the latest in a series of price hikes to bring fuel costs in line with international costs, the South China Morning Post reported. Effective today, the wholesale and retail prices of gasoline and diesel were raised by US$87.80 per metric ton, according to a notice from the National Development and Reform Commission. The maximum retail gasoline price in Beijing will rise by 8.2% to US$1,160.70 per ton; the maximum retail price of diesel will rise by 9% to US$1,062.80. Costs will vary in different cities. It is the second price hike in a month and the third this year. Analysts said the price rise would help refiners Sinopec and PetroChina, both of which saw their profits squeezed last year by a combination of high crude prices and domestic price controls.
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