China will increase gasoline and diesel fuel prices as much as 4.6% after today, Bloomberg reported. The average retail price of petroleum in gasoline or diesel form will rise US$47 a metric ton, according to an announcement on the National Development and Reform Commission website. The fuel price increase alone will add an increase of 7 basis points to the consumer price index month-on-month. Petroleum refining firms like China Petroleum & Chemical Corporation have been squeezed by a 6% rise in crude oil costs since the last increase in prices in November. Despite the fuel price rise, subsidies will continue to farming, fishing, forestry and public transportation industries following the price adjustment.
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