topside surge, page-17

A/U and commodities selling on China fuel price hike, support on hourly, now at ~1.0535 could be reached, needs to hold for invH&S target,

China raises retail gas, diesel prices by up to 7%

March 19, 2012, 9:16 p.m. EDT
By V. Phani Kumar HONG KONG (MarketWatch)

China raised retail gasoline and diesel prices for the second time this year, by 6.4% and 7% respectively, to ease losses faced by the nation's refiners in view of rising global crude-oil prices and a decline in domestic consumer price inflation. The National Development and Reform Commission said Monday it would increase the prices on both gas and diesel by 600 yuan ($94.80), to 9,980 yuan per ton of gas and 9,130 yuan a ton of diesel. Nymex crude-oil prices have risen 9.1% so far in 2012. Barclays analysts wrote in a report that the fuel price increase, although the biggest change in nearly three years, still won't be enough for Chinese refiners to break-even due to higher feedstock costs. Shares of China Petroleum & Chemical Corp. HK:386 -1.44% SNP +0.03% and PetroChina Co. -0.88% PTR +0.19% were expected to rise in Tuesday's trading after the price increases.