China to raise energy prices; oil future drop

China will raise prices of refined oil products and electricity beginning Friday, state media reported.

The announcement, issued after local financial markets were closed, said prices of gasoline and diesel would rise by 1,000 yuan ($145) per ton. Aviation kerosene would rise by 1,500 yuan ($218) per ton, it said, citing the National Development and Reform Commission, the government’s chief economic planning agency.

Electricity prices would also rise for most businesses, although residential housing and the farming and fertilizer industries would be exempt, Xinhua said.

AP