By SHEN HONG
SHANGHAI—China raised gasoline and diesel prices Sunday, a move that is meant to reflect rising international crude-oil prices but that could also complicate the government's efforts to combat inflation.The fuel-price increase, which follows one in late December, was announced just a day after the Chinese central bank said it will raise banks' reserve requirement by 0.5 percentage point—an effort to soak up excess liquidity and rein in rising consumer prices—and two days after the Ministry of Commerce released a draft measure aimed at preventing severe shifts in prices and supply of staple foods.
The National Development and Reform Commission, the country's top economic planner, said gasoline and diesel prices would each rise by 350 yuan ($53.24) a metric ton, a 4.1% increase in the average gasoline retail ceiling benchmark a ton and a 4.5% increase in the diesel retail ceiling benchmark—about 0.26 yuan and 0.31 yuan a liter, respectively. The NDRC also said the benchmark ex-factory price of No.3 jet kerosene would be raised by 350 yuan a ton, a 5.8% increase. The December increase in gasoline and diesel prices was by 310 yuan and 300 yuan a metric ton, respectively.
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