Gov't raises retail oil prices

As the global crude price rose after seven-month plunge, Chinese authority announced on Friday that the retail gasoline price will be raised by 390 yuan ($62.45) a metric ton, or 0.29 yuan a liter, and diesel price by 375 yuan a ton, or 0.32 yuan a liter, starting from Saturday.

This is the second time that the National Development and Reform Commission, the top economic planner, raised the retail oil price this year after 13 cuts in a row since July last year when the global crude prices were falling.

Xu Ying, oil product analyst with Shandong Longzhong Information Technology Co Ltd, a domestic oil consultancy, said the global crude price still has big possibility to fall. Added with the fact that the domestic oversupply situation remains, it is risky for traders to increase stock at present.

However, she said the increased oil price will definitely add costs to logistics industry.

Latest fuel price adjustments

Feb 9, 2015

Retail price of gasoline increased by 290 yuan ($46.58) a ton and diesel by 280 yuan a ton.

No adjustment to consumption tax.

Jan 26, 2015

Retail price of gasoline reduced by 365 yuan ($60) per ton and diesel by 350 yuan per ton.

No adjustment to consumption tax.

Jan 12, 2015

Tax on gasoline increased to 1.52 yuan (25 US cents) per liter from 1.4 yuan. Levy on diesel increased from 1.1 yuan per liter to 1.2 yuan.

Retail prices of gasoline and diesel reduced by 180 yuan and 230 yuan per ton respectively after taking higher tax into account.

Dec 26, 2014

Retail price of gasoline reduced by 520 yuan ($85) per ton and diesel by 500 yuan per ton.

No adjustment to consumption tax.

Dec 12, 2014

Tax on gasoline increased to 1.4 yuan (23 US cents) per liter from 1.12 yuan. Levy on diesel increased from 0.94 yuan per liter to 1.1 yuan.

Retail prices of gasoline and diesel reduced by 170 yuan and 400 yuan per ton respectively after adding higher tax.