China increased the price of petrol by 6 percent and diesel by 7 percent for the second time in 2012. This is effective from 20 March 2012. The objective of this move is to ensure domestic fuel supplies and to help local refiners cut heavy losses. China at present is struggling with the rising cost of crude oil. The recent hike is the biggest increase in 33 months.
After the increase, diesel will be about $1.22 per litre. China is the world’s second largest oil importer.
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