Business / Industries

Gasoline, diesel prices rise in China amid global pickup

By Du Juan (China Daily) Updated: 2015-02-10 07:59
Gasoline, diesel prices rise in China amid global pickup

Chinese retail oil prices are rising amid a pickup in the global crude market, increasing costs for the logistics and transportation sectors.

The retail price of gasoline will be raised by 290 yuan ($46.58) a metric ton, or 0.21 yuan a liter, and the price of diesel by 280 yuan a ton, or 0.24 yuan a liter, starting Tuesday.

The increases were announced on Monday by the National Development and Reform Commission, the nation's top economic planner.

They are the first rises after 13 consecutive cuts since July, when global crude prices started to fall.

Li Yan, a crude oil analyst at domestic consultancy Shan-dong Longzhong Information Technology Co, said although global crude prices fluctuated recently, it is too early to say if they will continue to rise.

A reduction in the number of United States drilling wells, and political tension in Libya are two key reasons for the rise in the price of crude since last week.

International commodities information provider Platts said Libyan production fell by 130,000 barrels a day to 330,000 barrels a day in January as the closure of two major ports in mid-December had a continuing effect.

Fighting continues around one terminal, and most of Libya's main producing fields are closed.

The Organization of Petroleum Exporting Countries led by Saudi Arabia pumped 29.94 million barrels of crude a day in January, down by 90,000 barrels a day from December, resulting in investor expectations of increases in the price of crude.

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