China has raised gasoline and diesel prices by almost 10% in response to pressures from rising global oil prices, the Financial Times reported. The price of gasoline, diesel and jet fuel will be raised by US$67 per metric ton, according to the National Development and Reform Commission, the country's top planning agency. This is the first domestic price increase since last May. The central government had said it would not raise prices this year because inflation was already high, at more than 6%. Fuel shortages had hit Beijing this week as gas stations on the outskirts of the city were temporarily closed or were rationing fuel. Many small refiners had stopped production because crude oil was too expensive while gas prices remained artificially low. Global crude oil prices set a new record of more than US$94 a barrel Tuesday.
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