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China to Increase Domestic Diesel, Gasoline Prices First Time in 10 Months

Bloomberg -- China, the world’s second-biggest oil consumer, raised domestic fuel prices for the first time in 10 months to spur production by refiners including China Petroleum & Chemical Corp. (386) and PetroChina Co. (857)

Retail gasoline and diesel cost 300 yuan ($47.58) a metric ton more starting today, the National Development and Reform Commission said on its website yesterday. The increase is equivalent to 0.22 yuan a liter on average nationwide for gasoline and 0.26 yuan a liter for diesel, China’s top economic planning agency said.

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Submitted Feb 09, 2012 By: des7902

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BuckyTJones Champion Author Salt Lake City Posts:3,127 Points:689,210 Joined:Mar 2010	Message Posted: Feb 9, 2012 2:25:56 PM Ignore BuckyTJones Report Abuse Maybe we could sell them some of our toxic waste to burn in their vehicles. Like they send us their toxic garbage products to us.
Meowmy All-Star Author Florida Posts:993 Points:278,110 Joined:Jan 2011	Message Posted: Feb 9, 2012 1:24:25 PM Ignore Meowmy Report Abuse Law of supply and demand.
bigmoo63 All-Star Author Kalamazoo Posts:884 Points:56,610 Joined:Nov 2009	Message Posted: Feb 9, 2012 11:37:48 AM Ignore bigmoo63 Report Abuse Amazing. China has a better plan for its people. Shouldnt surprise me much. The "elected officials" have proven nothing but crony capitalism. Can I say overhaul again?
Palantas Sophomore Author Indianapolis Posts:153 Points:152,570 Joined:Sep 2011	Message Posted: Feb 9, 2012 11:26:16 AM Ignore Palantas Report Abuse So their gas is extremely cheap?
TripleHs Champion Author Austin Posts:1,842 Points:598,430 Joined:Oct 2009	Message Posted: Feb 9, 2012 11:12:55 AM Ignore TripleHs Report Abuse why not? just to move with the market
Buckeyee Champion Author Maine Posts:2,427 Points:557,880 Joined:May 2010	Message Posted: Feb 9, 2012 11:01:15 AM Ignore Buckeyee Report Abuse KX250, I agree with you, the Obama administration is working against the good of it's people.
orphancarguyPE Champion Author PEI Posts:2,187 Points:421,455 Joined:Jan 2011	Message Posted: Feb 9, 2012 10:39:25 AM Ignore orphancarguyPE Report Abuse Well, after using the calculator a bit, I figured out a yuan is about 15 cents US/Canada, and the increase is about 12 cents US/US gallon//3.3 cents a litre for gasoline, and 15 cents//3.9 cents for diesel. Typical Bloomberg--giving out all sorts of information without the useful facts that everyone can understand and put it into context. Without context, people might get worried and panic with all those big numbers. 300, $47.58--the sky is falling! Oh, and please note that the 'metric tonne/metric ton' (note spelling--the US still uses ton while most other places use tonne) is roughly 2205 pounds which is a different weight entirely than the traditional English system 'ton' of 2,000 pounds (not to be confused with the English 'long ton' which is 2,240 pounds. See, there is a reason for going metric, as all the measurements follow the same rules, and multiply and divide very nicely and no more of those furlongs, miles, inches, cups, pecks, hogsheads, gills, chains and so forth) However, do you know anyone who can snap their fingers and say "oh, I know what that means!" when an increase/decrease in the price in metric tons/tonnes in bandied about? Sheesh! Typical Bloomberg.
gs7101 Champion Author San Antonio Posts:3,738 Points:276,630 Joined:Jun 2009	Message Posted: Feb 9, 2012 10:13:02 AM Ignore gs7101 Report Abuse Not good -- diesel/gasoline prices are increasing everywhere!
kx250 Champion Author Michigan Posts:1,421 Points:770,950 Joined:Oct 2008	Message Posted: Feb 9, 2012 10:11:10 AM Ignore kx250 Report Abuse Interesting how at least in their energy segment, China's leader's control of their economy is for the overall good of the country, whereas in the US the control is through the attempted ratcheting up to make things worse and less competitive... Only in the utopian's mind could this make sense.
LEGION57 Champion Author South Carolina Posts:1,487 Points:248,500 Joined:Mar 2011	Message Posted: Feb 9, 2012 10:03:33 AM Ignore LEGION57 Report Abuse HA!