China raises prices of refined oil, electricity

China raises prices of refined oil, electricity
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Source: CCTV.com | 06-20-2008 08:33
In China, the National Development and Reform Commission announced price hikes for gasoline, diesel oil, aviation kerosene and electricity.
Coming into effect on June the 20th, the benchmark gasoline and diesel oil retail prices increase by a thousand yuan per tonne, with the price of aviation kerosene going up 1,500 yuan per tonne. The prices of natural gas and liquefied petroleum gas remain unchanged.

The retail prices of gasoline and diesel oil rise to 6,980 yuan and 6,520 yuan per tonne, increases of more than 16 and 18 percent respectively.

At the pumps, that translates into mark-ups of 0.8 yuan and 0.92 yuan per liter for gasoline and diesel oil.

The National Development and Reform Commission says the oil price adjustments have been made to guarantee supplies in the country by closing the gap between international crude price hikes and state-set domestic oil prices. Crude oil topped 136 US dollars a barrel on the international market on Wednesday, just shy of recent record highs.
The commission says more subsidies will be offered to farmers, low-income families and taxi drivers to cushion the crunch of price rises. Public transportation will also receive some subsidies.

The commission says fares for passenger travel by rail, taxi and urban and rural public transport remain unchanged after the rise.

Meanwhile, the average electricity tariff will be increased by 2.5 cents per kilowatt hour, starting from July 1st. That's an average rise of 4.7 percent.

The commission says it has taken these decisions to combat rising costs at China's power plants, including rising power-coal prices.

More than 80 percent of all power generation companies suffered losses in the period from January to May due to power-coal price rises.

Official data shows that the price of power coal has gone up more than 80 yuan per tonne over the past two years. Almost three-quarters of that increase has come since the start of this year.

The commission says some farmers and fertilizer producers will be exempt from the price rises, as well as the quake-hit provinces of Sichuan, Shaanxi and Gansu.




Editor:Du Xiaodan

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