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China raises oil price after yuan revalued China increased the price of gasoline and diesel for the second time this year, two days after revaluing the yuan to allow it to appreciate by 2.1 percent.
"In order to guarantee the supply of domestic oil and improve energy efficiency, China decided to raise the price," Xinhua news agency quoted officials from the State Development and Reform Commission as saying. Effective Saturday, the price of gasoline rose by 300 yuan (37 dollars), while diesel went up by 250 yuan a ton. Retail prices were hiked accordingly, the report said. The price of aviation oil was also lifted 300 yuan a ton. China is now the world's second largest oil consumer after the United States and its soaring demand over the past two years have been closely watched on global oil markets. Oil prices rose Friday in pre-weekend technical trade after China revalued its currency in a move that traders said will encourage energy demand in the world's second-biggest consumer of crude. New York's main contract, light sweet crude for delivery in September, added 1.52 dollars to close at 58.65 dollars a barrel. In London, the price of Brent North Sea crude oil for delivery in September increased by 1.86 dollars to 57.58 dollars a barrel. On May 10, China increased the price of diesel by 150 yuan a ton, while gasoline prices were increased by 300 yuan a ton on March 23 in an effort to prevent shortfalls.
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