The Annual Equipment of Pipeline and Oil &Gas Storage and Transportation Event
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China's top economic planner on Monday announced the retail price of gasoline would be raised by 290 yuan (47.3 U.S. dollars) per tonne and diesel by 280 yuan per tonne, snapping the trend of 13 consecutive cuts since July.
The adjustment that will come into effect on Tuesday means retail prices will edge up by 0.21 yuan per liter for gas and 0.24 yuan per liter for diesel, according to the National Development and Reform Commission.
In 2013, China adopted a pricing regime that adjusts domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.
According to data from the General Administration of Customs, China imported 308.4 million tonnes of crude oil in 2014 worth 228.3 billion dollars.
Some oil companies' decisions to cut capital spending a04h6NXIM job creation pace in the United States both contributed to higher oil prices, said Wang Yanting, an analyst with JYD Online Corp., a Beijing commodity e-commerce platform.
"The travel boom during the upcoming Spring Festival holiday in China will mean higher energy consumption, but the room for further increases in the short run is limited," Wang said.
Along with the rapid development of China's energy industry, China Oil & Gas Pipeline network is experiencing unprecedented great structure, large-scale construction and giant leap. Read More >
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