China to cut retail fuel prices by 300 yuan/t -Xinhua

Sat Oct 8, 2011

BEIJING Oct 8 (Reuters) - China will cut retail ceiling prices for gasoline and diesel by 300 yuan ($47) per tonne effective from Sunday, state news agency Xinhua said on Saturday.

The cut in fuel prices of about 3 to 3.5 percent would be the first this year.

(sourced Reuters)

China to raise gasoline, diesel prices from Thursday

Wed April06, 2011 21:08:17 |English.news.cn

BEIJING, April 6 (Xinhua) -- China will raise the retail prices for gasoline by 500 yuan (76.34 U.S. dollars) per tonne and diesel by 400 yuan per tonne starting Thursday, the country's top economic planner said on Wednesday.

After the implementation of the increase, which is the second price rise this year, the benchmark retail price of gasoline will be raised by 0.37 yuan per liter and diesel by 0.34 yuan per liter, the National Development and Reform Commission (NDRC) said.

Due to rising international crude oil prices and mounting domestic inflation pressures, the NDRC has "properly postponed" the timing of the rise in prices and has limited the increase, the statement said.

The agency said the government would provide subsidies to farmers, fishermen and public transportation systems in cities and offer temporary subsidies to taxi drivers to offset higher prices.

The Chinese government adopted an oil pricing mechanism at the start of 2009 which allows the NDRC to adjust retail fuel prices when international crude oil prices change by more than 4 percent over 22 straight working days.

As of Tuesday, the moving average crude oil prices of Brent, Dubai and Cinta have climbed 14.31 percent since China's last fuel price rise on Feb20, according to data from www.oilgas.com.cn, an online oil and gas market monitoring service.Editor: Wang Guanqun, Xinhua

Petrol prices hit record in France

Mar07, 2011 06:47 pm

Petrol prices rose to a record high in France last week, with a litre of 95-octane petrol costing on average 1.5067 euros, according to information published Monday by a government agency.

he price, equivalent to $7.97 per US gallon, beat the previous record set in June 2008 of 1.4971 euros.

A litre of 98-octane petrol rose to an average of 1.5417, also beating the record of June 2008 of 1.5326 euros ($8.15 per US gallon).

The price of diesel, which accounts for 78 percent of sales in France, rose to an average of 1.3513 euros per litre ($7.15 per US gallon), some 10 cents below its record price.

Petrol prices at the pump have risen as the price of crude oil has jumped on markets due to tension and unrest in north Africa and the Middle East.

On Monday, New York's main contract, light sweet crude for delivery in April, hit $106.95 a barrel -- the highest level since September 2008.

In London, Brent North Sea crude for April rose 88 cents to $116.85.

The prices are still far below the record $147 per barrel set in 2008.