August 09th, 2012 | Caijing China to Hike Retail Gasoline Prices by CNY420-450/Ton Friday
The value of China’s crude basket has risen 7.19 percent since July 9-the date of the bakst price used as a basis for the last price cut
China is expected to raise retail fuel prices on Friday by 420 to 450 yuan a ton, as the window opens after the value of China’s crude basket has risen 7.19 percent since July 9-the date of the bakst price used as a basis for the last price cut, energy information provider oilchem.net reported.
China’s pricing system allows domestic fuel prices to be adjusted when the 22-working-day moving average of a basket of international crudes changes by more than 4 percent since the last adjustment.
The country’s top economic planning body, the National Development and Reform Commission, also refers to domestic economic changes when it decides to adjust fuel prices, such as inflation.
Data released today by the National Statistics Bureau showed that the consumer price index grew 1.8 percent in July, hitting a 30-month low.