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China to Increase Oil and Electricity Price

National Development and Reform Commission issued a notice stating that Oil and Electricity price will increase starting June 20. The notice said that the increase would exclude three provinces (Sichuan, Shanxi, and Gansu) which were affected by the earth quake.

China has been imposing the government controlled oil pricing system with supplemental funding from the government to keep the oil price low. The recent increase was resulted from the pressure of the worldwide oil price surge.

Source: BBC, June 19, 2008