China's economic planner the National Development and Reform Commission (NDRC) Tuesday announced the hike of national benchmark product oil prices by 50 yuan per tonne effective Wednesday. Retail prices of 90# gasoline and 0# diesel would increase by 0.04 yuan per liter, respectively. The increase of benchmark product oil prices is basically in line with market expectation.
After the adjustment, ceiling retail gasoline and diesel prices in Beijing would be 7,420 yuan per tonne and 6,450 yuan per tonne, respectively. The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, gained 1.95 percent as of October 19 from the last cycle of fuel prices adjustment, according to Xinhua's calculations.
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