Petrol will cost 0.8 yuan (12 cents) and diesel 0.92 yuan more for a liter from today, and electricity charges for commercial units will go up by 0.025 yuan ($0.4 cents) per kWh from July 1.
The price of aviation fuel has been raised, too, by 1500 yuan ($217) a ton, said the National Development and Reform Commission (NDRC).
The government was forced to raise oil prices from midnight last night, the first time in eight months, because of the soaring price of crude in the international market.
The move is expected to bring some relief to domestic refineries, which have been reeling under losses, and ensure a stable supply of oil in the market. "The increase in the prices will benefit domestic oil companies," the NDRC said in a statement yesterday.
The price of crude oil in the international market has crossed $130 a barrel. Crude price is linked fully with the international market in China, while prices of refinedpetroleum products are still controlled by the government.
Because of the big gap between the high crude price abroad and the relatively low price at home, China's oil refineries have suffered huge losses.
The country's largest refinery, Sinopec, incurred a loss of more than 20 billion yuan in its refining business in the first quarter of this year.
The largest oil company, PetroChina, saw its net profit fall by more than 30 percent in the first three months, with losses in its refining wing being the biggest contributor.
Analysts said the high consumer price index (CPI) in recent months had been a deterrent for an increase in oil prices.
The country's CPI, the main gauge of inflation, rose 8.5 percent year-on-year in April. It was 8.3 percent in March and a nearly a 12-year-high of 8.7 percent in February.
It, however, dropped to 7.7 percent in May, paving the way for the government to increase oil prices, an analyst said.
But increased oil prices could push up the rate of inflation, Zhou Dadi, vice-director of China Energy Research Society said.
Electricity charges
The government will raise the electricitytariff to prevent power companies from incurring further losses.
The price of coal will be brought under government control temporarily, the NDRC said, because soaring coal price is the main factor behind higher electricity charges.
The increase in power tariff will help the development of desulfurization equipment in the power plants, and renewable energy sources such as wind power and biomass power, the NDRC said.
The increase in power tariff will not create a big impact on the CPI because urban and rural residents have been exempted.
关键字:国内英语新闻
生词表:
The price of aviation fuel has been raised, too, by 1500 yuan ($217) a ton, said the National Development and Reform Commission (NDRC).
The government was forced to raise oil prices from midnight last night, the first time in eight months, because of the soaring price of crude in the international market.
The move is expected to bring some relief to domestic refineries, which have been reeling under losses, and ensure a stable supply of oil in the market. "The increase in the prices will benefit domestic oil companies," the NDRC said in a statement yesterday.
The price of crude oil in the international market has crossed $130 a barrel. Crude price is linked fully with the international market in China, while prices of refinedpetroleum products are still controlled by the government.
Because of the big gap between the high crude price abroad and the relatively low price at home, China's oil refineries have suffered huge losses.
The country's largest refinery, Sinopec, incurred a loss of more than 20 billion yuan in its refining business in the first quarter of this year.
The largest oil company, PetroChina, saw its net profit fall by more than 30 percent in the first three months, with losses in its refining wing being the biggest contributor.
Analysts said the high consumer price index (CPI) in recent months had been a deterrent for an increase in oil prices.
The country's CPI, the main gauge of inflation, rose 8.5 percent year-on-year in April. It was 8.3 percent in March and a nearly a 12-year-high of 8.7 percent in February.
It, however, dropped to 7.7 percent in May, paving the way for the government to increase oil prices, an analyst said.
But increased oil prices could push up the rate of inflation, Zhou Dadi, vice-director of China Energy Research Society said.
Electricity charges
The government will raise the electricitytariff to prevent power companies from incurring further losses.
The price of coal will be brought under government control temporarily, the NDRC said, because soaring coal price is the main factor behind higher electricity charges.
The increase in power tariff will help the development of desulfurization equipment in the power plants, and renewable energy sources such as wind power and biomass power, the NDRC said.
The increase in power tariff will not create a big impact on the CPI because urban and rural residents have been exempted.
关键字:国内英语新闻
生词表:
- aviation [,eivi´eiʃən]
n.飞行(术)；航空(学) 四级词汇 - refined [ri´faind] a.精制的；文雅的 四级词汇
- petroleum [pi´trəuliəm] n.石油 四级词汇
- temporarily [´tempərərili] ad.暂时地 四级词汇
- impact [´impækt] n.影响，作用；冲击 六级词汇
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