Gas prices rise from Saturday
Filling the average private car in Shanghai will cost about 7.5 yuan (US$1.16) more from Saturday, following the first price increase this year, caused by rises in crude oil prices worldwide.
The Shanghai Development and Reform Commission announced that the ceiling price for 92-octane gasoline will be 6.95 yuan per liter, up from 6.80 yuan per liter; a liter of 95-octane gasoline will sell at 7.39 yuan, rising from 7.24 yuan; and diesel increases to 6.58 yuan per liter from 6.43 yuan.
The measure took effect from midnight Friday, meaning that for a standard-sized car with a 50 liter tank, the cost to fill up will rise by about US$1.16 tomorrow.
The increase, the first fuel price adjustment in 2018, comes in line with a global crude rally, with the national government adjusting oil prices every 10 working days following crude price fluctuations.
Brent crude closed at US$69.26 per barrel yesterday, the highest level since December 2014, amid shrinking crude inventory in the United States and political turmoil in Iran, a large resource country.
The next fuel price adjustment will come on January 26.