BEIJING - China will increase gasoline and diesel prices of 3.8% and 4% or Wednesday in the face of rising crude oil prices, despite continued to worry about inflation.
Boost - late Tuesday from China's national development and Reform Commission marked nation's economic planning body announced - the second rise almost two months. It comes to China a 5.1% increase in consumer the largest increase since July 2008 in November, booked.
China has increased steps recently to curb inflation, including price controls, lending limits and Bank reserve requirements. Officials hope, bring the economy for a soft landing outputting billion stimulus measures to growth during the global economic slowing. China's fuel price increase is 0.07% sequential increase in consumer price index in December, add the Commission said.
Beijing controls fuel prices, which has a basket of international raw types but with the formula turned when large price increases might have meant.
The Commission will China said gasoline and diesel prices of 310 Yuan and 300 yuan ($46.53 and $45.02) per tonne, increase. A gasoline represents price increase of 0.23 Yuan per liter or about 13.1 US cents per gallon. Diesel rise of 0.26 yuan per liter or 14.8 cents per gallon. The price applies to what ex factory production is known - actual retail prices at the gas pump vary by region and market.
The Commission delayed increase until now and it has controlled the extent of the price increase due to inflation and fuel supply issues, said without preparation. It said it expected that China's dependence on oil imports almost 55% be in 2010.
China remains, farmers, fisheries, forestry and public transport to subsidise the Commission said. It is not prices of urban and rural public transport, including buses, rail and air transport after the price increase, it said increase.
If China adjusted recent fuel prices, 26 October-New York Mercantile Exchange light benchmark, crude futures were around $83 per barrel, sweet compared to just under $90 Tuesday.
As part of inflation smashing drive, China took a series of measures in November the prices for agricultural commodities, keep including price controls in check and share reserves State, some were.
China's Central Bank has come raised the reserve requirement ratio for banks, six times with the last three raises this year so far, last month, indicating that the Government increasingly on inflation and excess liquidity is concerned.
-Wan Xu and Liu Li contributed to this article.
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