More news on the gasoline price hike
Liberated from Gasgoo:
Shanghai. November 1 (Gasgoo.com) – Oil product prices in China will raised by 8 percent or 500 yuan ($68) per ton starting today, China’s economic regulatory body, National Development and Reform Commission announced on its official web site this morning.
The price hike is made to reduce the widening gap between soaring global crude prices and China’s domestic oil product prices, NDRC said in the announcement.
As a result, Chinese car consumers will have to additional pay 0.4 yuan ($0.054) per liter on gasoline or 0.46 yuan ($0.062) on diesel. The price hike will lift the monthly consumer price index (CPI) by 0.05 percentage point, NDRC said.
The cost of rail cargo and air travel will also be driven higher, but rail and public transport fares will remain unchanged.
The table below shows the recent changes of oil product prices in China.
Oil products
NDRC-set whole prices Average market prices nationwide Before price rise After price rise After price rise Gasoline 5,480 yuan ($733) 5,980 yuan ($800) 6,460 yuan($865) Diesel 5,020 yuan ($672 5,520 yuan ($739) 5,960 yuan ($798)
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Ashley could you just tell us what the cost of a liter (or gallon) of “regular” gasoline was for each of the last two or three years, and finally the new cost with the latest increase. That way we can get a picture of the problem that the average Chinese consumer, and taxi driver, (and Ashley too), are faced with.
Thanks
That is a very good idea, off the top of my head, earlier this year it was only 4.20rmb a litre, then 4.79 now 5.20.
I cant remember 03/04/05/06 prices though. Ill have to check!