Industry / China
Price Hike Not a Panacea for Refinery Losses
May 2006 | Project NewsWhile China's decision to hike retail gasoline and diesel prices by 9.6% and 11% respectively is long overdue, industry insiders fear the revisions - the largest adjustments since 2003 - will due little to allay refinery losses as crude prices continue on their upwards trajectory. Effective May 24, prices will rise by CNY500 (US$62.37) per tonne. Ex-factory prices will rise by 10.6% for gasoline and 12.3% for diesel in what is the second increase this year since March, when prices roses by 3-5%. When the hike is factored in, China will have the third highest diesel prices and the fifth
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