China raises fuel prices but caps increase a second time
XLE•China raises retail fuel prices but limits the increase
BEIJING, Sept. 24 (Reuters) - China will raise retail gasoline and diesel prices following gains in global oil prices but cap the increases to cushion the impact on the domestic market, the National Development and Reform Commission said on Thursday.
China last raised retail transportation fuel prices on September 11, also capping the increase then, the fourth time they have limited the increases since the US-Israeli war on Iran began on February 28.
Retail prices for gasoline will rise by 395 yuan per metric ton ($58.85) and diesel by 385 yuan per ton, effective September 25. Under China’s scheduled pricing mechanism, the increases should have been 830 yuan and 800 yuan, respectively, the NDRC said in a statement.
After the adjustment, retail gasoline will be 24% and diesel prices will be 26% higher than the levels set at the last adjustment before the Iran war began.
($1 = 6.7125 Chinese yuan renminbi)
