Private gasoline prices defy national hike

Private and foreign-funded gasoline stations are challenging State-owned stations with discounted rates after the national cost of fuel hit a record high on Tuesday.

The National Development and Reform Commission raised the wholesale prices of gasoline and diesel by 480 yuan per ton each on Tuesday.

State-owned companies Sinopec and China National Petroleum Company (CNPC) responded by increasing retail gasoline prices at the government suggested rate by 0.38 yuan per liter. The benchmark price is now a Beijing record of 6.66 yuan per liter.