China to raise fuel prices this Friday
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E-mail CNTV, May 10, 2013
China is set to raise national fuel prices effective tomorrow. The move comes after the government ordered a sharp price cut in late March. Starting this Friday, both gasoline and diesel prices will see a rise in wholesale prices, but the price increase will be relatively small.
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A gas station staff member changes the fuel price tags in Xi'an, capital of northwest China's Shaanxi Province, at the midnight on May 10, 2013. China slightly hiked gasoline and diesel prices starting May 10, the first increase since the fuel pricing scheme was reformed in March. |
Same situation for retail prices with gas and diesel prices up barely 10 yuan cents per liter. Analysts say the price change would only have marginal effects on the country’s inflation rate, as fuel prices account for less than half a percent within the country’s CPI basket.
This is the second time the Chinese government adjusted fuel prices after the adoption of a new pricing mechanism which aims to better reflect fluctuations in international crude prices. Analysts believe fuel prices in China will remain volatile in the near future as the United States addresses its budget deficit issue, and OPEC meets later this month.
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