Home>News Center>China

China hikes oil prices echoing the global jump
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.

  Today's Top News     Top China News

Russian jet crashes kill at least 89; attack feared



Bank of China turns into joint stock firm



Action taken to prevent bird flu spreading



Eastern provinces prepare for typhoon



Report: Abu Ghraib was 'Animal House'



Guangdong to auction most of official cars


  Guangdong to auction most of official cars
  Labour shortage puzzles experts
  Action taken to prevent bird flu spreading
  Eastern provinces prepare for typhoon
  Peacekeeping riot police to leave for Haiti
  Beijingers to have a say on power price hikes
  Go to Another Section  
  Story Tools  
  News Talk  
  It is time to prepare for Beijing - 2008