China raises oil price

China will raise the price of gasoline and diesel by 300 and 250 yuan per ton respectively as of Saturday.

The retail price will rise accordingly.

The aviation oil price will raise 300 yuan per ton.

International oil price rose sharply recently, but domestic oil price was still lower than that of imported crude oil. In order to guarantee the supply of domestic oil and improve energy efficiency, China decided to raise the price, according to an official of the State Development and Reform Commission.

The price of crude oil rose to 61.28 US dollars per barrel on July 6, setting a record high. After that, the international oil price surpassed 60 US dollars per barrel for many times.

1 US dollar = 8.11 yuan

Source: Xinhua