Price of gasoline rises at the pumps again

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The price of gasoline at Chinese gas stations continued with its march up today, with prices rising across the board by as much as 8%.

China raised prices on diesel and 90# gasoline, as well as jet fuel. The price of 90# gasoline, which is widely used in the countryside and suburbs for minivans and agriculturial vehicles has risen to 5.98rmb. 90# is not the only gasonline which has been affected by price hikes, 93# has risen from around 5.89rmb per litre to 6.27rmb per litre, whilst 97# (premium fuel) has risen from 6.26rmb to 6.66rmb.

Diesel has not escaped the priced rice either, with it lurching from 5.72rmb to 6.13rmb per litre.

China is now the worlds second largest consumer of oil in the world after the United States, the current price rise is due to the central governments promise to oil refineries to keep the price of gas at the pump in line with international prices, which will keep refineries in profit rather than having to rely on government subsidies to keep them out of the red.

The Chinese government controls gasoline prices across the country to protect citizens from sudden price spikes and only alters the price of oil when the price of oil on the global market changes by more than 4% over 22 days.