China's State Development Planning Commission has announced a price
increase for the country's oil products effective on February 1.
The decision was made in accordance with the fluctuations in oil
prices on the international market, according to the
commission.
The respective factory prices of gasoline and diesel oil will be
increased by 190 (US$23) and 170 yuan (US$21) per ton.
The China National Petroleum Corporation and the China Petroleum
and Chemical Corp., the two major oil products suppliers, are
required to adjust the retail prices of gasoline and diesel oil
according to market demand in different parts of the country.
The commission also requested government pricing departments at all
levels to enforce market supervision. Violation of related pricing
rules will be punished according to law.
(Xinhua News Agency February 1, 2003)