China raises gasoline, diesel prices

BEIJING - China boosted state-set gasoline and diesel prices Tuesday to reflect rising global crude costs.

The retail price of gasoline rose by 8.6 percent and that of diesel by 9.6 percent, the country's planning agency announced. It said the step, the fourth change in prices this year, was meant to allow prices to fluctuate as crude costs change.

Beijing has used its system of government-set energy prices to shield China's public from soaring global crude costs. But the government has allowed prices to rise in recent months to curb surging demand.

Global oil prices have doubled since March and settled above $71 a barrel on Monday.

After the latest change, gasoline will cost 6.37 yuan, or 92 U.S. cents per liter ($3.57 per gallon), for the most popular grade in Beijing, and 5.92 yuan, or 86 cents per liter (US$3.32 per gallon), in Shenyang, a less expensive city in the northeast.

By comparison, gasoline in the United States this week ranged from $2.50 to $3 per gallon (65 to 78 U.S. cents per liter), according to the U.S. Department of Energy.

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On the Net:

National Development and Reform Commission (in Chinese): http://www.ndrc.gov.cn

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