PetroChina raised wholesale gasoline prices by 3% and cut diesel prices by 1.5% at the beginning of August, going against global price increases for both types of fuel. Prices for a metric ton of 90 octane gasoline at one PetroChina refinery rose by close to RMB 100 to RMB 3,257. Analysts said the move was aimed at encouraging refineries to produce more gasoline, for which demand is rising quickly. The central government, which sets retail fuel prices in accordance with international markets, has not adjusted retail prices since May.
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