Arab Today, arab today fuel prices rise amid easing inflation
Last Updated : GMT 22:28:13
Arab Today, arab today
Arab Today, arab today

Fuel prices rise amid easing inflation

Arab Today, arab today

Arab Today, arab today Fuel prices rise amid easing inflation

Beijing - Arabstoday

China will raise the retail prices for gasoline and diesel by 300 yuan (47.53 U.S. dollars) per tonne starting Feb. 8, in a swift response to international trends as easing domestic inflation gives way for adjustment.The benchmark retail price of gasoline will be lifted by 0.22 yuan per liter and diesel by 0.26 yuan per liter, according to the National Development and Reform Commission (NDRC).The latest price change, which was much anticipated by the market, comes amid rising pressures for the country\'s refineries as the increasing international crude oil futures prices keep driving up their operation costs.With the easing European debt crisis and intensifying conflicts in the oil-rich Middle East, fuel prices on the international market have been climbing this year.On Jan. 4, the West Texas Intermediate (WTI) futures prices rose to 103.22 U.S. dollars per barrel, an increase of 37 percent from the lowest point in last October.The prices of international crude had jumped beyond a 4-percent range within 22 consecutive working days on Feb. 2, triggering widespread speculation that the NDRC would take action to up prices.But the NDRC delayed the adjustment to Feb. 7, right after the much-celebrated Lantern Festival, which fell on Feb. 6.The move follows the previous change on October 8 last year, when the NDRC announced the first price cut in 16 months, taking the fuel prices off from record highs. China\'s current oil pricing system was introduced in May 2009. The system gives the NDRC the right to adjust domestic fuel, diesel and gas prices when average prices for Brent, Cinta, and Dubai crude oil move by 4 percent within 22 consecutive working days. PRICE GAP HITS REFINERIESLast year, the NDRC, fearing price rises would fan up the already runaway inflation, acted cautiously in price changes, choosing to take mild steps at the expense of domestic refineries\' dwindling profits.In 2011, international oil prices witnessed significant rises, with the average prices for crude oil of WTI and Brent up 20 percent and 38 percent year-on-year, respectively.Under the current mechanism, China\'s gasoline and diesel prices should be correspondingly lifted by 20 percent, to around 1,500 yuan per tonne.But considering the soaring inflation of 2011, the NDRC only raised the gasoline and diesel prices by 550 yuan and 450 yuan for the whole year, or 6.4 percent and 5.8 percent, respectively.The country\'s consumer price index (CPI), a main gauge of inflation, rose 5.4 percent in 2011 from the previous year, well above the government\'s full-year control target of 4 percent.The price gap piled pressure on the country\'s refineries, forcing them to digest the consequences through internal adjustments.\"The lagging behind of the price adjustment will lead to huge losses for oil producers and affect the sound development in the sector,\" an official with the NDRC said.Now as inflation is showing signs of easing, with the December CPI slowing to a 15-month low of 4.1 percent, the NDRC moved quickly to announce the first rise in 2012.\"The price rise will help motivate the oil refineries, ensure supply in the domestic market, guide rational consumptions and promote emission cuts,\" the official said.CALLING FOR A NEW MECHANISMSince China\'s previous price change last October, there has been widespread speculation that the NDRC would introduce a new mechanism that would better reflect market demand and supply.\"Within the current framework, we will shorten the adjustment period, accelerate the changes, improve the pricing mechanism, and adjust the targeted crude categories,\" the NDRC has said in a statement on its website.Asked about the detailed plan for the reform, the NDRC official said on Tuesday that the proposal is still in the middle of discussion and will be made public to solicit opinion after a consensus is reached. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fuel prices rise amid easing inflation Arab Today, arab today fuel prices rise amid easing inflation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fuel prices rise amid easing inflation Arab Today, arab today fuel prices rise amid easing inflation

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday