China will raise the price of gasoline and diesel by RMB300 (US$36.9) and RMB250 (US$30.8 )per ton respectively as of Saturday.
The retail price will rise accordingly.
The aviation oil price will raise RMB300 per ton.
International oil price rose sharply recently, but domestic oil price was still lower than that of imported crude oil. In order to guarantee the supply of domestic oil and improve energy efficiency, China decided to raise the price, according to an official of the State Development and Reform Commission.
The price of crude oil rose to US$61.28 US per barrel on July 6, setting a record high. After that, the international oil price surpassed US$60 per barrel for many times.
(Xinhua News Agency July 23, 2005)
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