China has adjusted its oil prices for the third time this year,
raising the cost of gasoline and diesel by 240 yuan (US$29) per
tonne.
The refinery-level price adjustments were "in line with changes on
the international oil market," said a circular from the State
Development Planning Commission.
China's last oil price adjustment came on April 4, when the
commission rose the price of gasoline by 11.2 percent to 2,580 yuan
(US$311) per tonne and the diesel price by 11.7 percent to 2,300
yuan per tonne.
Beginning in November 1999, China decided to adjust its oil prices
more frequently, basing the prices on the average in international
markets over the preceding weeks.
Oil prices have been buoyed in recent months because of tensions
related to the Middle East conflict, although they eased on
profit-taking Friday.
In
London Benchmark Brent North Sea crude for June delivery eased 25
cents a barrel to US$25.18 while in New York, the light sweet crude
June contract fell 24 cents to US$26.0 a barrel in early trade.
(China
Daily May 4, 2002)