TABLE-China retail fuel price changes since 2003
BEIJING, June 19 (Reuters) - China said on Thursday it would raise its nationwide retail diesel and gasoline prices by 1000 yuan, or about 18 and 17 percent respectively, from June 20th -- the first increase in over seven months.
The move, accompanied by increases in jet fuel and electricity prices, came despite Beijing's focus on fighting inflation, which earlier this year climbed to the highest level in over a decade and in May still stood at 7.7 percent.
It follows growing nationwide shortages of diesel fuel as refiners cut back output to avoid losses, and will improve revenues for state oil giants Sinopec (SNP.N) and PetroChina (PTR.N), although pump rates still lag the rising cost of crude CLc1, which closed at $136.68 a barrel on Wednesday.
Since the start of 2003, China's domestic gasoline prices have climbed 95 percent and diesel prices have more than doubled, but in the same time period global crude oil prices have risen over fourfold, or by around $100 per barrel.
The June 20 prices given are reached by updating nationwide averages given last November by the National Development and Reform Commission, the country's top economic planner.
They may be updated if the government issues new official nationwide averages.
Previous to November 1, 2007 rates were for the southern province of Guangdong, the country's manufacturing hub and the largest oil consumer by province.
Service stations are allowed to charge within 8 percent of the fixed regulated rate. They charge the maximum most of the time as international prices remain much higher. Date Product Change Pct Change New Price US Crude 2008 ---------------------------------------------------------- June 20 Gasoline +1000 +16.7 6,980 $136.68
(75)
Diesel +1000 +18.1 6,520
(70) 2007 ---------------------------------------------------------- Nov 1*** Gasoline +500 +9.1 5,980 $94.00
(64)
Diesel +500 +10.0 5,520
(59) Jan 14 Gasoline -220 -3.8 5,515 $52.99
(59) 2006 ---------------------------------------------------------- May 24 Gasoline +500 +9.6 5,735 $70.44
(62)
Diesel +500 +11 5,040
(54) March 26 Gasoline +250 +5.0 5,235 $64.26
(56)
Diesel +150 +3.4 4,540
(49)
Beijing-Mogas +460 +9.4 5,370
Beijing-Diesel +340 +7.9 4,665 2005 ---------------------------------------------------------- July 23 Gasoline +300 +6.4 4,975 $58.65
(54)
Diesel +250 +6.0 4,390
(47) June 25 Gasoline +200 +4.5 4,675 $59.84
(50)
Diesel +150 +3.8 4,140
(45) May 23 Gasoline -150 -3.2 4,475 $46.80
(48) May 10 Diesel +150 +3.9 3,980 $52.07
(43) March 23 Gasoline +300 +6.9 4,625 $53.81
(50) 2004 ---------------------------------------------------------- Aug 25 Gasoline +240 +5.9 4,325 $43.47
(47)
Diesel +220 +6.1 3,830
(41) May 19 Diesel +280 +8.4 3,610 $41.50
(39) March 31 Gasoline +300 +7.9 4,085 $35.76
(44) 2003 -------------------------------------------------------- Dec 8 Gasoline +200 +5.6 3,795 $32.10
(41)
Diesel +180 +5.7 3,330
(36) July 1 Gasoline +90 3,595** $30.40
(39) May 12 Gasoline -290 -7.7 3,474 $27.35
(37)
Diesel -260 -7.6 3,143
(34) Feb 11 Gasoline +190 +5.3 3,764 $35.44
(40)
Diesel +170 +5.3 3,403
(37) Jan 1 Gasoline 3,574 $31.20
(38)
Diesel 3,233
(35)
* All Chinese prices in yuan per tonne. The ones in bracket below are being converted to U.S cents per litre. ** Prices between May and from July 2003 are shifted slightly to make uniform throughout the country and due to rounding. *** Prices for Nov. 1, 2007, are nationwide averages.
Sources: National Development and Reform Commission, oil companies, industry sources. (Reporting by Chen Aizhu; Editing by Emma Graham-Harrison)
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