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Shanghai adjusts fuel prices 1% higher
Aggregated Source: Shanghai Daily: Business

DRIVING around the city just got a wee bit costlier after Shanghai raised its fuel prices by about 1 percent, starting today - the smallest adjustment in a decade.

The rates were raised to reflect the current global crude price movement.

The ceiling price at local gas stations for 93-octane gasoline rose to 7.50 yuan (US$1.22) per liter from the previous 7.43 yuan, while 97-octane gasoline climbed to 7.98 yuan from 7.90 yuan. Zero-grade diesel will now sell for 7.39 yuan at the highest, up from 7.31 yuan.

Pump rates vary from province to province. Shanghai's rates are among the highest in the country partly because of superior fuel standards.

Across the country, the National Development and Reform Commission said it raised gasoline and diesel prices by 95 yuan per ton. That made it the smallest price adjustment in China since July 1, 2003, when the NDRC, the country's top economic planner, raised gasoline price by 90 yuan a ton, said Chem99.com, a Chinese commodities information portal.

The latest price increase was implemented under the country's new pricing system which came into effect in March.

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Copyright Shanghai Daily: Business