China enforces retail oil price hike

Gasoline prices increased by 550RMB/ton while diesel inched up by 540RMB/ton.

According to BBVA Research, China today raised retail gasoline prices by 550 RMB per ton and diesel by 540 RMB per ton, the second such price hike in a month, in line with international price trends.

"The decision to increase domestic oil prices will likely push inflation slightly upwards, though with the economic slowdown and inflation of just 2.0% y/y in August, inflationary pressures should remain low. We expect inflation to rise gradually towards 3% by the end of the year, staying well below the government's 4% target for 2012," BBVA added.

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