China to raise gasoline, diesel prices after three cuts

 BEIJING, Aug. 9 (Xinhua) -- China will raise the retail¹ prices of gasoline by 390 yuan (62 U.S. dollars) per tonne and diesel² by 370 yuan per tonne starting Friday, the country's top economic planner said Thursday.

The move, which followed three consecutive³ cuts from May to July, marks the third such increase this year, due to a rebound⁴ in international crude oil prices.

The benchmark retail price of gasoline will be lifted by 0.29 yuan per liter and diesel by 0.32 yuan per liter, the National Development and Reform Commission (NDRC) said in a statement on its website.

Under China's oil product pricing system introduced in 2009, domestic fuel prices may be adjusted when international crude oil prices change by more than 4 percent over 22 working days.

The NDRC last cut the retail prices of gas and diesel on July 11. Since then, the average crude price on three crude markets the system tracked had recorded a 7.28 percent increase as of Wednesday.

Although oil consumption has remained weak amid a global economic slump⁵, export bans on Iranian oil and intensifying⁶ conflicts in the oil-rich Middle East have driven up crude prices over the past month, analysts⁸ said.

Unlike previous hikes, the government did not delay the price increase this time because of significantly reduced inflationary pressure and the need to ease refineries⁹' losses, said Chen Qing, an analyst⁷ with Zhuochuang Information Services, a commodity information service provider.

Official data released early Thursday showed that prices have fallen across the Chinese economy, with the consumer price index (CPI), the main gauge¹⁰ of inflation, up by a 30-month low of 1.8 percent in July from a year earlier.

But the new price hike will nevertheless drive up domestic production costs, Chen said, estimating that the hike will push up the CPI by about 0.01 percentage point.

The logistics sector¹¹ will be affected¹² the most. As transportation fees account for 70 percent of total costs in the logistics sector, the sector will see a 1.79-percent increase in costs after the hike, according to Chen.

Opinions were divided on future price changes. Niu Li, an economist¹³ with the State Information Center, a government think tank, said continued price rebounds¹⁴ in the global oil market are less likely, as the world economy has shown little improvement.

However, Li Hong, an analyst with 100PPI.com, a major Chinese commodity data provider, said there will be another price hike in the domestic oil market in September if the current boom continues in the global oil markets.

1 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 diesel   

n.柴油发动机，内燃机

参考例句：

• We experimented with diesel engines to drive the pumps.我们试着用柴油机来带动水泵。
• My tractor operates on diesel oil.我的那台拖拉机用柴油开动。

3 consecutive   

adj.连续的，联贯的，始终一贯的

参考例句：

• It has rained for four consecutive days.已连续下了四天雨。
• The policy of our Party is consecutive.我党的政策始终如一。

4 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

5 slump   

n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌

参考例句：

• She is in a slump in her career.她处在事业的低谷。
• Economists are forecasting a slump.经济学家们预言将发生经济衰退。

6 intensifying   

v.（使）增强， （使）加剧( intensify的现在分词 )；增辉

参考例句：

• The allies are intensifying their air campaign. 联军部队正加大他们的空战强度。 来自辞典例句
• The rest of the European powers were in a state of intensifying congestion. 其余的欧洲强国则处于越来越拥挤的状态。 来自英汉非文学 - 历史

7 analyst   

n.分析家，化验员；心理分析学家

参考例句：

• What can you contribute to the position of a market analyst?你有什么技能可有助于市场分析员的职务？
• The analyst is required to interpolate values between standards.分析人员需要在这些标准中插入一些值。

8 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

9 refineries   

精炼厂( refinery的名词复数 )

参考例句：

• The efforts on closedown and suspension of small sugar refineries, small saccharin refineries and small paper mills are also being carried out in steps. 关停小糖厂、小糖精厂、小造纸厂的工作也已逐步展开。
• Hence the sitting of refineries is at a distance from population centres. 所以，炼油厂的厂址总在远离人口集中的地方。

10 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

11 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

12 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

13 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

14 rebounds   

反弹球( rebound的名词复数 )； 回弹球； 抢断篮板球； 复兴

参考例句：

• V is the velocity after the gas particle rebounds from the wall. V是粒子从壁上弹开后的速度。
• In the former case, the first body rebounds with practically its original velocity. 在前一种情况下，第一个物体实际上以原来的速度弹回。