China To Raise Energy Prices

BEIJING (AP) — State media says China is raising prices of refined oil products and electricity.

The announcement, issued late Thursday after local financial markets were closed, said prices of gasoline, diesel, aviation kerosene and electricity would be hiked starting Friday. Electricity prices would also rise for most businesses, but residential housing and the farming and fertilizer industries exempted, Xinhua said.

Natural gas and liquefied petroleum gas prices would remain where they are, the announcement said.

The government hiked fuel prices by about 11 percent in November but have kept them frozen at that level, seeking to avoid further fanning inflation which has touched 12-year highs since the beginning of the year.