Gasoline retail prices to rise

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]

Gasoline retail prices are set to go up from Saturday 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 Friday that retail prices of gasoline would be hiked by 300 yuan ($48.55) a metric ton, or 0.22 yuan a liter from Saturday, while diesel prices would go 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 will be 6.04 yuan a liter.

Oil retail prices in China have seen four hikes and three cuts so far this year.

Li Yan, a crude oil analyst at domestic consultancy Shandong Longzhong Information Technology Co, said global crude prices will go up slightly in the near future but not by too much.

He expected the retail price will continue to rise slightly or stay unchanged during the next pricing adjustment.

Xue Qun, an oil product analyst at the consultancy, said fuel costs for family drivers will go up by 10 yuan per 500 kilometers. Logistics companies will pay an additional 80 yuan per 1,000 kilometers to fuel the trucks.

Latest fuel price adjustments

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.