.- China will increase from Sunday the price of diesel and gasoline by 350 yuan per ton and also increase the price of aviation fuel, the government said Saturday, adding that oil consumption was rising rapidly. The National Commission for Development and Reform Commission, the lead agency for economic management in China, announced on its website that the adjustment will raise the benchmark retail price of 0.26 yuan per liter and diesel prices by 0.3 yuan per liter.
He added that jet fuel also increase. Fuel type one aircraft will increase by 340 yuan per ton, while other levels will rise in similar proportion. The commission said that in 2010 crude oil imports from China had reached 239 million tons, up 17 percent over the previous year. "The excessively rapid growth in oil consumption is exceeding the tolerance in our country, economically and environmentally," he said in a statement.
"Therefore, there is an urgent need to give full play to the role of price levers to adjust and guide, restricting excessively fast growth of oil consumption," he said. The latest price hike comes after three increases in 2010, the last one in December, and probably dominant encourage refiners Sinopec and PetroChina to maintain high production quotas.
"If the prices of processed oil products are not resolved in a timely manner will be deleted and imported produce," said the statement from the Commission. Since 2009 China has been building up in fuel prices following an oil stock basket plus an undisclosed margin. 
He added that jet fuel also increase. Fuel type one aircraft will increase by 340 yuan per ton, while other levels will rise in similar proportion. The commission said that in 2010 crude oil imports from China had reached 239 million tons, up 17 percent over the previous year. "The excessively rapid growth in oil consumption is exceeding the tolerance in our country, economically and environmentally," he said in a statement.
"Therefore, there is an urgent need to give full play to the role of price levers to adjust and guide, restricting excessively fast growth of oil consumption," he said. The latest price hike comes after three increases in 2010, the last one in December, and probably dominant encourage refiners Sinopec and PetroChina to maintain high production quotas.
"If the prices of processed oil products are not resolved in a timely manner will be deleted and imported produce," said the statement from the Commission. Since 2009 China has been building up in fuel prices following an oil stock basket plus an undisclosed margin.
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