China to raise petrol, diesel prices

Business | 10 Jul 2020 6:36 pm

The National Development and Reform Commission announced to raise the prices of both petrol and diesel sold in the mainland by 100 yuan (HK$110.65) per ton – the second price rise this year.

This comes as the International Energy Agency raised its 2020 oil demand forecast by 400,000 barrels from a month ago to 9,210 barrels per day, warning that the spread of coronavirus would also pose a risk to the outlook, Reuters reported.

“While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control and the risk to our market outlook is almost certainly to the downside,” the IEA said in a report.

The easing of lockdown measures in many countries caused a strong rebound to fuel deliveries in May, June and likely also July, the IEA said.

But oil refining activity in 2020 is set to fall by more than the IEA anticipated last month and to grow less in 2021, it said.




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