BEIJING: China will raise the retail price ceiling for gasoline and diesel from Monday, energy consultancy C1 Energy said on Sunday.
Gasoline price will be raised by 300 yuan ($48) per tonne and diesel by 290 yuan per tonne, the consultancy said, citing authorities overseeing prices.
C1 Energy's previous predictions on price moves have been largely reliable, but last week it reversed its call on a fuel price rise.
The predicted rise would be China's first this year, coming after increases in crude oil prices passed a trigger point allowing on which the country's fuel prices are based.
C1 Energy data showed China last adjusted fuel prices on Nov. 16, when it cut them by about 3 percent in response to a decline in crude oil prices.
Under the existing fuel-pricing formula, the government can raise fuel prices if a weighted 22-day moving average price for a basket of crudes Brent.
Dubai and Cinta rises more than 4 percent from when prices were last adjusted. Beijing has never disclosed detailed calculations, making it difficult to calculate the precise trigger point.
Industry sources had earlier said that the government may consider delaying a price rise to later this month because current fuel demand remains high as hundreds of millions of people travel home after the Lunar New Year holiday.
The government has previously indicated that it would change the types of crude oil in the pricing system, shorten the review period and narrow the trigger range under a revised scheme.
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