Retail prices for gasoline have been raised by 0.25 yuan (US$0.03) per liter in Shenzhen amid soaring world oil prices.

According to Shenzhen Petro, No. 90 gasoline now costs 3.74 yuan per liter with No. 93 costing 3.95 yuan per liter and No. 97 costing 4.34 yuan per liter.

The price increases take effect Wednesday but retail diesel prices remain unchanged.

The adjustment was made in line with a notice issued by the State Development and Reform Commission to raise retail gasoline prices in China, the company said. Crude oil prices on the international market soared to more than US$55 per barrel and have been close to US$60 this month.

Oil prices remained high Monday in the world markets despite last week's announcement by OPEC to raise its production ceiling by 500,000 barrels per day. The oil cartel is consequently to consider a further output increase this week.

Oil prices posted at US$57.46 per barrel in the United States on Monday, almost the highest as was seen last week.

China has raised gasoline retail prices five times since the end of 2003. The price for No. 90 gasoline has jumped to 3.74 yuan per liter from 2.85 yuan per liter in December last year while No. 97 has risen to 4.34 yuan per liter from 3.35 yuan per liter.

(Shenzhen Daily March 23, 2005)