China raises petrol, diesel prices

BEIJING, April 7 (AFP): China raised wholesale petrol prices by 500 yuan ($76) per ton and diesel by 400 yuan a ton late Wednesday, the third rise since December in the world's second-largest fuel consuming nation. The petrol hike marked about a 5.6 per cent rise, while diesel rose 4.9 per cent and was announced after Brent oil hit $123 for the first time since late 2008 as traders mulled the outlook for supplies amid unrest in Libya. The rise would see the benchmark retail price of petrol increase by 0.37 yuan per litre and diesel by 0.34 yuan per litre starting Thursday, the National Development Reform Commission said in a statement. In Beijing 93-octane petrol costs 7.45 yuan ($1.13) per litre. China last increased petrol prices on February 22, after government-set fuel prices rose in in December, October and April. Inflation has become Beijing's top economic concern as it struggles to keep a lid on rising costs of food and other key items to head off public unrest. Consumer prices rose at a stubbornly high 4.9 per cent in February, unchanged from January, and above the government's annual inflation target of four per cent.