Retail gasoline prices set to go up

A worker fills up a car with fuel at a gas station in Rizhao city, East China's Shandong province, March 27, 2015. [Photo/IC]

Retail gasoline prices are set to go up from Tuesday in line with China's fuel price adjustment mechanism and the global crude price rise.

The National Development and Reform Commission, the nation's top economic planner, said on Monday that retail prices of gasoline would be hiked by 255 yuan ($41) a metric ton, or 0.19 yuan a liter from Tuesday, while diesel prices would go up by 245 yuan a ton, or 0.21 yuan a liter.

After the retail price rise, the benchmark price of 90-octane grade gasoline will be 6.23 yuan a liter.

This is the third time that retail oil price rise have risen in a row this year.

China has had three cuts and five rises of retail fuel prices by now in 2015. Gasoline price rose 570 yuan a ton and diesel price rose 490 yuan a ton after all the adjustments. The next price adjustment is expected on May 24.

Latest fuel price adjustments

April 25, 2015

Retail prices of gasoline hiked by 300 yuan ($48.55) a metric ton, or 0.22 yuan a liter, while diesel prices went up by 285 yuan a ton, or 0.24 yuan a liter.

After the retail price rise, the benchmark price of 90-octane grade gasoline was 6.04 yuan a liter.

April 10, 2015

Retail prices of gasoline increased by 120 yuan ($19.39) a ton, or 0.09 yuan a liter, and the diesel prices by 115 yuan a ton, or 0.1 yuan a liter.

No adjustment to consumption tax.

March 26, 2015

Retail price of gasoline reduced by 240 yuan ($38.73) a ton, or 0.18 yuan per liter, and the diesel price by 230 yuan a ton, or 0.2 yuan per liter.

No adjustment to consumption tax.

Feb 27, 2015

Retail gasoline price increased by 390 yuan ($62.45) a ton, or 0.29 yuan a liter, and diesel price by 375 yuan a ton, or 0.32 yuan a liter.

No adjustment to consumption tax.

Feb 9, 2015

Retail price of gasoline increased by 290 yuan ($46.58) a ton and diesel by 280 yuan a ton.

No adjustment to consumption tax.

Jan 26, 2015

Retail price of gasoline reduced by 365 yuan ($60) per ton and diesel by 350 yuan per ton.

No adjustment to consumption tax.

Jan 12, 2015

Tax on gasoline increased to 1.52 yuan (25 US cents) per liter from 1.4 yuan. Levy on diesel increased from 1.1 yuan per liter to 1.2 yuan.

Retail prices of gasoline and diesel reduced by 180 yuan and 230 yuan per ton respectively after taking higher tax into account.

Dec 26, 2014

Retail price of gasoline reduced by 520 yuan ($85) per ton and diesel by 500 yuan per ton.

No adjustment to consumption tax.

Dec 12, 2014

Tax on gasoline increased to 1.4 yuan (23 US cents) per liter from 1.12 yuan. Levy on diesel increased from 0.94 yuan per liter to 1.1 yuan.

Retail prices of gasoline and diesel reduced by 170 yuan and 400 yuan per ton respectively after adding higher tax.