Retail prices of gasoline and diesel in China was reported to increase on Tuesday as announced by the National Development and Reform Commission. Retail prices will increase by 180 Yuan or about $26.4 per tonne for gasoline and 170 Yuan for the diesel.
The increase follows the current pricing mechanism applied by China stating that if the international crude oil prices increase or decrease by more than 50 Yuan per tonne and it will remain in that price for more than 10 working days, the prices of refined oil products like gasoline and diesel will also change accordingly.
The NDRC followed the change in the prices to the fluctuation that the global market is experiencing. The commission has consolidated with major Chinese oil firms including the China National Petroleum, China Petrochemical and China National Offshore Oil to ensure a stable oil supply and legitimate product price.
The commission said that they will closely monitor the effects of the pricing mechanism and the change in the oil prices will respond to what the global market offers.
China is not the only country that has increased its oil price. Venezuela is planning to increase the price of the countries heavily subsidized gasoline around October as its response to its crisis-stricken government's crusade to shore up coffers amid the global inflation that is accelerating the economic collapse.
South Africa has intervened with the setting fuel prices for the month of September as costs increases that strain consumers. The transportation fuel prices in India were recorded as the highest due to the increases in global crude oil prices and the fall of rupee. Report on Sept. 3 stated that diesel increased to $71.15 per liter and petrol is $79.15 per liter.
Tunisia has reached its 4th oil price increase this year. It has increased its fuel price by 4 percent during the weekends as the country aims at cutting budget deficit as required by international lenders.
US retail gasoline price is at its four-year high as recorded during the Labor Day weekend. The North Sea Brent crude oil price increase nearly $23 per barrel and it is the main driver of the increased gasoline price in the US.
On the other hand, Russia is in the oil harvest frenzy last month as is sees an advantage on a deal with OPEC easing output caps. South Africa sees no relief in the continuously increasing fuel prices in the country. Automobile associations' comments on the questionable auditing of month end fuel price data supplied by the Central Energy Fund.
