China increases fuel prices..
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- Published on Tuesday, 26 February 2013 11:05
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China, which is the fourth largest crude oil producer in the world,
has increased prices of Petrol and Diesel with effect from Monday
(25).
According to the new prices, petrol has been increased by 0.22 Yuan
per litre which is equivalent to Sri Lankan rupees Four and forty
cents and diesel price by 0.25 Yuan per litre which is equivalent to
five Sri Lankan rupees. Under China's oil product pricing system
introduced in 2009, domestic fuel prices can be adjusted when crude
oil prices in Brent, Dubai and Cinta change by more than 4 percent
over 22 working days.
Although China has already over taken Iran to become the world's
fourth largest crude oil producer, China also has the world's second
largest crude oil demand, and domestic production is still
insufficient. China has become the world's fourth largest crude oil
producer after Russia, Saudi Arabia, and the United States, accounting
for 5.4 percent of world crude oil production.
It is estimated that China will require 600 million tons of crude oil
by 2020. In order to ensure availability of this requirement China has
invested several billion dollars in oil production sites throughout
the world.
Meanwhile, the gasoline prices in Japan, the Republic of Korea,
Britain and France were also increased by 10 Yuan per liter in January
which is equivalent to 200 Sri Lankan rupees. (niz)
