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Chinese Gasoline Prices Rose

"Higher prices on oil products will encourage efficiency"

The Chinese government raised the prices of gasoline, diesel and aviation kerosene by 500 yuan (62.4 US dollars) per ton on Wednesday.

Of the nine price hikes for refined oil products since July 2003, including two this year, this is the highest as the prices of gasoline and diesel have each risen by over 10 percent.

While the industry and markets reacted optimistically, motorists admitted to more caution about taking their cars out.

"Higher prices on oil products will encourage efficiency," said Zhang Guobao, vice-chairman of the National Development and Reform Commission (NDRC) at the international seminar with a theme of "Energy Security: China and the World".

The last price rise was on March 26, when the producer price of gasoline was raised by 300 yuan per ton and diesel by 200 yuan per ton.

The current retail price of 93 gasoline is 5.09 yuan per liter, 0.44 yuan higher than two months ago