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Chinese fuel prices on the rise

July 22, 2013 at 7:20 AM   |   Comments

BEIJING, July 22 (UPI) -- Chinese authorities said they raised the price of gasoline by more than 3 percent because of high crude oil prices on the international market.

The National Development and Reform Commission, which sets energy prices, said gasoline prices are on the rise in response to oil prices. Heavy rainfall over much of the country is adding delivery challenges as well.

The price for a gallon of regular unleaded gasoline in Shanghai was $4.73 per gallon, close to a 3.5 percent increase from the previous average price, the official Xinhua News Agency reported Saturday.

China resets energy prices every 10 working days to adjust to market conditions. Oil prices have remained at more than $100 per barrel mark for July because of political unrest in the Middle East.

The NDRC last week said Chinese crude oil production increased 3.2 percent during the second quarter of 2013 when compared to the same time last year.

NDRC said consumption of refined oil products increased 4 percent year-on-year during the second quarter of the year. The Organization of Petroleum Exporting Countries expects Chinese energy consumption to lead in terms of global growth expectations.

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