China has raised gas and diesel prices by around 4% effective Wednesday despite mounting inflationary pressures as global crude prices rise, Dow Jones newswire reported. According to the National Development and Reform Commission, the price of gasoline will rise by RMB310 (US$47), or 3.8% over the average retail price of RMB8,220 (US$1,235) per ton, while diesel will increase by RMB300 (US$45) per ton, or 4% over the retail ceiling benchmark price of RMB7,480 (US$1,124) per ton. Jet kerosene will also increase by RMB300 (US$45) per ton to RMB5,990 (US$900). China’s oil pricing system allows for prices to be adjusted when the 22-day moving average of a basket of international crude types changes by more than 4%. The NDRC said the latest fuel price hike will not be allowed to be passed on to consumers.
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