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Gasoline, Diesel Prices Rise

China raised the price of gasoline and diesel on July 23 in the wake of the 2.1 percent revaluation of the Chinese yuan.

International oil price have risen sharply recently, but domestic oil prices were still lower than that of imported crude oil supplies. To guarantee a supply of domestic oil and to improve energy efficiency, China raised its prices. According to the State Development and Reform Commission, the price of aviation oil rose by 300 yuan a ton, along with gasoline and diesel oil. Retail prices will rise accordingly.

Sinopec Beijing adjusted its fuel prices. For gasoline, No. 90-grade fuel was up to 3.99 yuan per litre, No. 93 up to 4.26 yuan per litre, No. 97 up to 4.54 yuan per litre, and No. 0 diesel 4.04 yuan per litre.

China is now the world's second largest oil consumer after the United States; crude oil and downstream-product demand over the past two years has soared and this is being closely watched on global oil markets.

The Development and Planning Committee of the People's Government of Beijing Municipality revealed that 108,000 tons of oil is stored in Beijing, and the situation will not soon change.