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China hikes oil prices echoing the global jump
(Chinadaily.com.cn)
Updated: 2004-08-25 17:19
China hiked the prices of finished oil products by around 10% Wednesday to
reflect crude oil price rises on the international market.
A worker at a
PetroChina gas station refuels a car in Beijing August 25, 2004, the day
of oil price hikes. [Xinhua] | The State
Development and Reform Commission announced that the benchmark gasoline price
rose by 240 yuan (US$29) a ton, and the price of diesel oil went up by 220 yuan
(US$26).
The retail price increased correspondingly. The widely-used No 93 gasoline
sold at 3.66 yuan per litre at the Beijing market, up from the previous 3.46
yuan per litre. The move is the third straight rise of oil price by the
government in the year, following hikes in in March and in middle May.
Economists cautioned that the gas price rise is likely to add further weight
to inflation pressures on the overall economy.
Crude oil prices in international markets have risen more than 40% in the
past six months amidst worries of terrorist attacks on oil supply installations
in the Middle East, increasing global demand and hiking uneasy situations in
some oil producing countries.
The crude price reached nearly US$50 a barrel in New York last Friday, and in
the London Brent futures market, oil for delivery in 2005 jumped above US$40 a
barrel.
Oil supply will be sufficient in Beijing, Shanghai and all Chinese cities,
after the price rise, said officials from SINOPEC and CNPC, China’s two largest
oil dealers.
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