China raises domestic fuel prices

BEIJING China on Wednesday raised retail petrol and diesel prices by 320 yuan (46.9 dollars) a tonne, marking the first hike in five months as the global economic recovery drives up crude oil prices.
The average maximum retail price for petrol has jumped 4.1 percent to 8,220 yuan a tonne, according to AFP calculations based on figures provided by the National Development and Reform Commission.
The average maximum retail price for diesel has risen by 4.5 percent to 7,480 yuan a tonne, the NDRC said on its website Tuesday.
The price rise -- effective from Wednesday -- was the first change in domestic fuel prices since November.
Beijing adjusted prices eight times in 2009 after it introduced a more market-based pricing mechanism.
An increase in crude oil prices since mid-February prompted the latest move, China's top economic planning agency said.
"The government took into account the nation's economic situation, oil products supply and the affordability of the downstream users and decided to raise petrol and diesel prices by 320 yuan per tonne," the NDRC said.
The increase will "will help promote energy conservation and emission cut in the long run," it added.
The move will have a limited impact on inflation, the NDRC said, increasing the consumer price index by 0.07 percentage points in April.