Higher global crude costs, falling domestic inflation lead to decision

China raised fuel prices for the second time this year, hiking gasoline and diesel by 6.5 percent to 7 percent effective on Tuesday, amid rising world crude oil prices and falling domestic inflation.

Prices went up by 600 yuan ($94.90) a metric ton, the biggest hike since June 2009.

The average gasoline price went up 6.5 percent to 9,980 yuan a metric ton, while diesel prices rose 7 percent to 9,130 yuan a metric ton. Both prices are record highs.

China, the world's second-biggest oil user, raised fuel prices for the first time this year by 300 yuan a ton on Feb 8.

The prices are set in reference to a basket of crudes (Brent, Dubai and Cinta), which jumped more than 10 percent in the past 22 working days.

That surge laid the foundation for the hike, the National Development and Reform Commission (NDRC) said on Monday.

The NDRC said the raises will take effect before the spring peak use period to discourage speculation and hoarding and thus guarantee supply.

China introduced the current system in 2009, under which it adjusts refined oil product prices when the basket moves more than 4 percent within 22 working days.

【新闻快讯】国家发改委19日宣布，自3月20日零时起将汽、柴油价格每吨提高600元，相当于全国90号汽油和0号柴油平均每升分别提高0.44元和0.51元。业内人士称，此次成品油价格上调幅度是2009年7月以来最大的一次，调整后的汽柴油价格创历史新高，93号汽油步入8元时代。

国家发改委有关负责人说，根据现行成品油定价机制，当国际市场原油连续22个工作日移动平均价格超过4%时，可相应调整国内成品油价格。2月8日成品油价格调整后，受伊朗核危机等因素影响，国际市场油价大幅攀升。2月下旬和3月上旬，美国西德克萨斯原油和英国北海布伦特原油期货价格分别达到每桶109．8美元和126．2美元，均创2011年4月份以来的最高水平。

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