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China Raises Gas Prices 10/25/2010

Bloomberg Business Week Reports: Today China has increased gas prices by 3 percent. According to the National Development and Reform Commission, the ceiling for gas prices will increase by 230 yuan or $34.50 USD per metric ton. Diesel prices will also go up by 220 yuan.

The increase is said to be in part to help China reach its energy goals (cut energy consumption per unit of gross domestic product 20% by 2020.) It is also a way to help slow down China’s economy and focus on its green energy efforts.

The price hike is also reported to affect inflation, although it is predicted that the overall affect on prices will not be much. Picture Source

Bloomberg’s Full article

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