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China raises gasoline, diesel, kerosene prices by 500 yuan per ton


Published : Wed, 31 Oct 2007 23:50
By : Agencies
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BEIJING (XFN-ASIA) - China has raised the prices of gasoline, diesel and kerosene by 500 yuan per ton, effective today, to reflect rising crude oil costs, the National Development and Reform Commission (NDRC) said on its website.

In a statement, the NDRC said it required China National Petroleum Corp (CNPC) and Sinopec to increase their output of oil products to guarantee market supply.

The government caps prices of oil products in the domestic market to ease inflationary pressure and cushion consumers from high global energy prices.

(1 usd = 7.47 yuan)

zachary.wei@xfn.com

-

xfnzw/xfntm

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