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25

Jet Fuel In China Costs More

Chinese jet oil providers have long complained about shrinking profits caused by rocketing oil prices

China's major jet oil provider, the state-owned China National Aviation Fuel Group Corporation (CNAF) has raised aviation oil price by 720 yuan (103 U.S. dollars) per tonne retroactive to July 1.

This will bring the domestic aviation kerosene price to more than 7,000 yuan per tonne.

The rise came after China's economic planner, the National Development and Reform Commission, raised jet fuel prices by 1,500yuan per tonne as of June 20.

Chinese jet oil providers have long complained about shrinking profits caused by rocketing oil prices in the international market and a relatively low domestic price controlled by the government, which means they cannot pass on those increased costs to buyers.