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| Pump prices of petrol and diesel increased in Shanghai, Beijing and other cities |
China
Pump prices of petrol and diesel were immediately increased by a similar percentage in
The rise was introduced because Chinese prices were "far below that on the international market, which is not helpful to oil refineries in
The maintenance of global oil prices at more than US$70 a barrel had forced the rise in
The increase takes the standard pump price of the most popular low-octane petrol up to 4.52 Yuan (56 US cents) per liter from 4.13 Yuan per liter in
The commission urged local governments to implement a subsidy scheme designed to help vulnerable industries and public services.
Industry officials said the earlier price rise was also a reaction to the growing impact of global oil prices on
The government plans to increase its refining capacity by over 45 million tons to reach 170 million tons by the year 2010, vice-president of Petrol
(Sources: Xinhua, BKP)
