BEIJING, July 20 (UPI) -- China's National Development and Reform Commission said gasoline prices will increase more than 3 percent, effective immediately.
With the increase -- the largest jump since a new pricing system was put into effect -- a gallon of 93-octane gasoline in Shanghai will cost $4.73 per gallon, the Shanghai Daily reported Saturday.
China launched a new pricing system in March that reviews and resets gas prices every 10 days. The commission formerly reset the price every 22 days.
Saturday's price increase will boost profits at refineries, said commodity analyst Zhang Yonghao at www.chem365, a consulting firm.
The annual inflation rate in China for consumer goods came in at 2.7 percent in June, the newspaper said.