Fuel prices climb today

THE National Development and Reform Commission, China's top economic planner, yesterday announced the first fuel price rises in nine months to reflect climbing crude oil prices.

The guidance gasoline price was raised by 290 yuan (US$42) a ton to 5,730 yuan, and diesel by 180 yuan a ton to 4,990 yuan, effective today.

At the pump in Shanghai, the price of the most widely used 93-octane gasoline rose to 5.19 yuan a liter from 4.95 yuan, while 97-octane gas climbed to 5.52 yuan a liter from 5.26 yuan, and the zero-grade diesel increased to 4.88 yuan a liter from 4.71 yuan, a Sinopec Shanghai sales branch spokesman said.

The commission said the increases were a result of recent rise in global crude oil prices.

China introduced a new fuel pricing mechanism late last year which analysts said would lead to more frequent adjustments according to international price movements and help ensure refiners' profit margins. The commission had cut fuel prices late last year and in mid-January under the new system.