China Caps Fuel Price Hikes for Third Time Since Iran War Began
Beijing will raise gasoline and diesel prices by less than half the scheduled amount from September 12 to soften the blow of higher international oil prices at home.
BEIJING, Sept 11 (Reuters) - China has capped increases in retail prices for transportation fuels for the third time since the Iran war began to mitigate the impact of rising international oil prices on the domestic market, the state planner said in a statement on Friday.
Retail prices for gasoline and diesel will rise by 260 yuan ($38.76) and 250 yuan per metric ton, respectively, effective September 12. Under China’s scheduled pricing mechanism, the increases would have been 435 yuan and 420 yuan, respectively, the statement said.
After the adjustment, gasoline and diesel retail prices will be 19% and 21% higher, respectively, than the levels set in the last adjustment before the Iran war began.
($1 = 6.7087 Chinese yuan renminbi)
(Reporting by Sam Li, Shi Bu and Liz Lee. Editing by Christopher Cushing and Mark Potter)
