Regis Philbin
Jun 20th, 2008, 06:06 AM
http://www.atimes.com/atimes/China_Business/JF21Cb01.html
China fuel hike shakes up markets
By Olivia Chung
HONG KONG - International oil prices fell, shares of Chinese petroleum-related companies jumped and many of the country's motorists rushed to fill up their tanks after Beijing's unexpectedly early decision on Thursday night to raise petrol and diesel prices by upwards of almost 17%.
More price hikes may follow in the next six to nine months as the increased prices still remain below international levels, analysts said. An increase had been expected after the Beijing Summer Olympic Games concluded in August.
The retail price for petrol was raised 16.7% to 6,980 yuan (US$1,014) a tonne, effective on Friday, by the National Development and Reform Commission (NDRC), which sets the mainland's economic policy. The diesel price was raised by 18.1% to 6,520 yuan a tonne and the wholesale price of jet fuel was pushed up 25.2% to 7,450 yuan a tonne. Retail electricity prices were raised by 0.025 yuan per kilowatt-hour, except for northwest China's Xinjiang Uygur Autonomous Region and earthquake-hit areas, from July 1.
China fuel hike shakes up markets
By Olivia Chung
HONG KONG - International oil prices fell, shares of Chinese petroleum-related companies jumped and many of the country's motorists rushed to fill up their tanks after Beijing's unexpectedly early decision on Thursday night to raise petrol and diesel prices by upwards of almost 17%.
More price hikes may follow in the next six to nine months as the increased prices still remain below international levels, analysts said. An increase had been expected after the Beijing Summer Olympic Games concluded in August.
The retail price for petrol was raised 16.7% to 6,980 yuan (US$1,014) a tonne, effective on Friday, by the National Development and Reform Commission (NDRC), which sets the mainland's economic policy. The diesel price was raised by 18.1% to 6,520 yuan a tonne and the wholesale price of jet fuel was pushed up 25.2% to 7,450 yuan a tonne. Retail electricity prices were raised by 0.025 yuan per kilowatt-hour, except for northwest China's Xinjiang Uygur Autonomous Region and earthquake-hit areas, from July 1.