China To Hike Gasoline, Diesel By 10-11 Pct On May 24?
Posted by China Sourcing CommentatorDec 4
(Reuters, May 23 ,2006)BEIJING – China will raise retail gasoline and diesel prices from Wednesday to take them 15 percent higher so far this year, not enough to stop refiners from making losses and likely to slightly hit consumer demand growth.The increases mean the retail price of gasoline and diesel will rise by 500 yuan ($62.37) per tonne, up 9.6 and 11.1 percent, and ex-refinery prices for the motor fuels will go up by the same margin, an industry official told Reuters on Tuesday.
“Increases at this level could hurt demand. Industrial users will have to struggle to pass on the cost to their customers, or will be forced to switch to cheaper fuels,” said the industry official with top refiner Sinopec Corp.
Shares of China’s largest refiner Sinopec (0386.HK: Quote, Profile, Research) climbed 3.31 percent at HK$4.675 on Tuesday, while PetroChina (0857.HK: Quote, Profile, Research) rose 1.2 source:http://www.zoomchina.com.cn/index.php?/content/view/5976/81/
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Looks like months-old news to me. What’s your point?
How does this affect you? Can you delineate strategic global implications and also the existing oil situation of the world today? That would really benefit all of us. Reuters reports and other reports too, duly updated, are already available to most of us.
the best solution is to find alternative to gasoline maybe engine …..by water.