Economic Observer Online
August 9, 2012
By Zhang Xiangdong (张向东)
Translated by Zhang Dian
Original article: [Chinese]

Following the recent rises in the price of international crude oil, it's likely that the NDRC will announce a hike in the price of diesel and petrol effective from midnight tonight.

According to ICIS (ICIS安讯思), a well-known petrochemical market information provider, China's two dominant oil giants are set to raise the retail price of fuel and diesel later this evening.

The scope of the price rise is yet to be confirmed, but the company estimates that the maximum gasoline price could be raised by around 400 yuan per ton.

In some areas of the country official notices have already been issued.

According to the current fuel pricing mechanism, which was introduced in December 2008, the NDRC will consider adjusting prices if the 22-day moving average of three international crude grades changes by more than 4 percent.

Over the past 22 days, the price of international crude has increased by more than 7 percent over.

The three international crude prices monitored by the NDRC are Cinta, Brent and Dubai.

The National Development and Reform Commission (NDRC) last adjusted retail fuel prices on July 11, when the government lowered gasoline and diesel prices to their lowest levels since the beginning of 2011.

Links and Sources
Economic Observer Online: NDRC Cuts Retail Fuel Prices Again