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China hikes fuel prices amid shortages |
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Thursday, 01 November 2007 06:02 |
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BEIJING (AP) — China raised gasoline and diesel prices Thursday to curb demand amid shortages that have caused long lines at filling stations and disrupted trucking in key export areas. Oil companies have blamed the shortages, which began last week, on a lack of refining capacity. Government controls have forced refiners to pay the difference between soaring market prices for crude and lower retail prices at the pump. Some refiners responded by cutting output. Consumers and some Chinese media have accused suppliers of creating a phony crisis to force Beijing to raise prices.
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