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China raises fuel prices by 16.7 percent

China raised fuel prices by 16.7 percent Thursday in order to cope with the rising cost of oil. The increase in regulated fuel prices is China's first hike in eight months and its sharpest ever one-off rise. The move eased global crude oil prices, which dropped $5. The 16.7 percent increase takes the pump rate for gasoline to about 75 U.S. cents a liter, still a quarter cheaper than in the United States and about one-third what UK motorists pay. Prices have doubled since 2003, but crude has more than quadrupled. China's neighbors had been ... Read more →

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