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1st LD-Writethru: China raises retail oil prices

Xinhua, February 27, 2015 Adjust font size:

China's top economic planner on Friday announced that the retail price of gasoline would be raised by 390 yuan (63.7 U.S. dollars) per tonne and diesel by 375 yuan per tonne, the second price rise since Feb. 9.

The adjustment, which will come into effect on Saturday, means retail prices will edge up by 0.5 yuan per liter for gas and 0.56 yuan per liter for diesel, according to the National Development and Reform Commission.

China's domestic fuel prices are adjusted when international crude prices change by more than 50 yuan per tonne within a 10 working day period, according to the 2013 pricing regime.

The price was raised for the first time in 2015 on Feb. 9 after 13 consecutive cuts since July, which saw the retail price of gasoline increase by 290 yuan per tonne and diesel by 280 yuan per tonne.

The global market has experienced increased volatility in the price of crude oil since January, with positive and negative expectations both affecting the prices.

Analysts say the oversupply structure has not changed in the global crude market, which benefits China, where about 58 percent of oil is imported.

China imported 308.4 million tonnes of crude oil in 2014 worth 228.3 billion dollars, according to the General Administration of Customs. Endi