Filling your tank will cost 6 yuan more from today

The Shanghai government has lifted fuel prices for the ninth time this year following rises in crude oil prices worldwide.

It will cost about 6 yuan (91 US cents) more to fill a private car in Shanghai from today, following government price adjustments brought about by rises in crude oil worldwide.

The Shanghai Development and Reform Commission yesterday announced that the ceiling price for 92-octane gasoline will be 6.53 yuan per liter, up from 6.41 yuan per liter; a liter of 95-octane gasoline will sell at 6.95 yuan, rising from 6.82 yuan; and diesel is priced at 6.15 yuan per liter, up from 6.02 yuan.

That means that for a standard-sized car with a 50 liter tank, the cost to fill up will rise by about 6 cents.

Governments nationwide adjust oil prices every 10 working days following price fluctuations of crude worldwide.

Today's increase marks the ninth price rise in Shanghai this year on the heels of a crude rebound, which was bolstered by investors’ lifting expectations for more production cuts among oil exporting counties, Zhang Na, an analyst specializing in the crude market said.

Several hedge funds worldwide have bet on crude price surges amid production cuts, motivated by a report released by the Organization of Petroleum Exporting Countries last month which says that crude inventories among developed countries fell around 191 million barrels by August from a year ago.

Zhang says it is "quite possible" that another increase will be required at the next price adjustment on November 16.

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