China Raises Gas Prices 24.9% In Boon To PetroChina And Sinopec

China's National Development and Reform Commission (NDRC) announced a 24.9% increase in natural gas prices on May 31 as the country looks to spur gas production and encourage greater use of gas in the country's energy mix. On the same day, China cut retail diesel and gasoline prices by about 3% from record-high levels established in April 2010 as the country's pricing mechanism tracked declining international crude prices.

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