Filling your tank costs 2.5 yuan more from Friday

Eleventh fuel price rise in Shanghai this year following crude rebounds.

It will cost about 2.5 yuan (38 US cents) more to fill a private car in Shanghai from Friday, following government price adjustments brought about by rises in crude oil worldwide.

The Shanghai Development and Reform Commission announced today that the ceiling price for 92-octane gasoline will be 6.80 yuan per liter, up from 6.75 yuan per liter; a liter of 95-octane gasoline will sell at 7.24 yuan, rising from 7.18 yuan; and diesel is priced at 6.43 yuan per liter, up from 6.37 yuan.

The measure will come into practice from 12am today, meaning that for a standard-sized car with a 50 liter tank, the cost to fill up will rise by about 38 cents tomorrow.

The increase, also the last fuel price adjustment in 2017, marks the 11th price rise in Shanghai this year on the heel of global crude rebounds, with government nationwide adjusting oil prices every 10 working days following crude price fluctuations.

Over the year the 92-octane gasoline gained 0.33 yuan per liter and diesel rose 0.36 yuan per liter in China amid continuous production cuts among the Organization of Petroleum Exporting Countries.

Meanwhile China’s supply cuts on industrial raw materials and tightening rules on refined oil quality have also helped push fuel prices higher, said Hu Xue, an analyst specialized in petroleum industry at chem365.net, a domestic commodity consultancy.

Fuel prices next year would continue to grow on the expectation that crude prices worldwide will rise midst supply shrinks, while a pipeline blast in Libya on Tuesday has added coal to fire, said Li Yan, an analyst at oilchem.net, a petrochemical consultancy.

The next fuel price adjustment will be on January 12 in 2018.


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