UPDATE 3-China raises gasoline, diesel, jet prices by 7 pct

Mon Nov 9, 2009 2:22pm GMT
 
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* Chinese gasoline, diesel hit record, up about 7 pct

* First motor fuel price rise in two months

* Widely expected move is first since small cut on Sept 30

* Jet fuel prices also up about 6.6 percent

(Adds jet fuel rise, changes source following NDRC announcement)

By Eadie Chen and Tom Miles

BEIJING, Nov 9 (Reuters) - China will lift gasoline and diesel prices by around 7 percent from Tuesday to reflect the rising cost of crude oil, taking pump prices to their highest ever, China's top planning body, the National Development and Reform Commission, said on Monday.

The rise in prices was widely expected but the size, at 480 yuan ($70.32) per tonne, was more than the increase of around 350 yuan ($51.27) most market participants had expected, suggesting that China sees little danger of the inflationary worries that beset price rise decisions as little as a year ago.  Continued...

 

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