China unexpectedly increased gasoline and diesel prices on Monday, raising them for the third time since late March to their highest level ever.
At nearly 9 and 10 per cent respectively for gasoline and diesel, the increases are the biggest since a shock rise up to 18 per cent exactly a year ago -- a move that helped pull oil prices off record highs as traders feared that higher fuel costs could slow demand growth in the world's second-largest consumer.
At just over $3 a gallon, Chinese motorists will now pay about one-eighth more for a fill-up than Americans, who were paying an average $2.66 a gallon last week.
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