China to raise prices of refined oil, electricity

BEIJING, June 19 (Xinhua) -- China will raise the prices of gasoline, diesel oil, aviation kerosene and electricity, while maintaining the prices of natural gas and liquefied petroleum gas, China's top economic planner announced Thursday night.

Beginning June 20, gasoline and diesel oil prices will be marked up by 1,000 yuan (144.9 U.S.dollars) per tonne, with the price of aviation kerosene up by 1,500 yuan per tonne, according to the National Development and Reform Commission.

The average electricity tariff will be raised by 2.5 cents per kwh starting from July 1, but urban and rural residents and sectors of farming and fertilizer production will be exempted fromthe price hike, it said.

BEIJING, June 16 -- Finance ministers from the Group of Eight nations said surging food and fuel prices have replaced the credit squeeze as the biggest threat to the world economy.

"The predominant concern is the inflationary effect that oil in particular and also food prices are having," UK Chancellor of the Exchequer Alistair Darling said on Saturday after G-8 officials ended talks in Osaka. Deputy German Finance Minister Thomas Mirow said oil's rise to a record means "an enormous withdrawal of purchasing power."

VIENNA, June 13 (Xinhua) -- The Organization of Petroleum Exporting Countries (OPEC) released Friday its monthly report and pointed out that the supply and demand in the oil market was in balance.

However, since 2003, the oil prices have risen over four times higher. Alone in 2008, the prices have risen 40 percent. It even topped a historic high of 130.87 U. S. dollars per barrel on June 9.

BEIJING, June 13 (Xinhua) -- PetroChina and Sinopec, China's two leading oil producers, on Friday revealed plans to increase the production and import of refined oil products in June, to ensure supply for wheat reaping and quake relief efforts.

PetroChina said it would keep its operation at full steam this month to jack up its oil processing by 6 percent over last month. The oil group would also import 600,000 tons of oil products.