China's government increases fuel prices on crude prices reach above $100 a barrel

By @ibtimes on

According to a statement that released today by the Asia's largest oil consumer, is showing that China's government increased retail fuel prices and diesel prices, for the first time this year, as the crude price rises above $100 per barrel, while Chinese economy increased fuel prices by 3% in 2010 to cool inflation rates.

China's government indicated that the ceiling for fuel and diesel price prices will rise 4.6% to 350 Yuan ($53) a metric ton.

China raised prices after crude in London rose above $100 a barrel, after the civil unrest in the Middle East threatens to disrupt supplies. China Petroleum & Chemical Corp., the nation's largest oil refiner, and PetroChina Co., the largest oil producer, last saw an increase for gasoline and diesel on Dec. 22 when the state-capped prices jumped 4.00%.

Join the Discussion