China raises prices for fuel, electricity

Courtesy Topix - Business News  Fri, 06/20/2008 - 19:26

China raised prices for fuel by as much as 18 percent on Friday in a move intended to cool the nation's surging energy consumption.

Demand for the energy needed fuel China's booming economy has contributed to unheard of prices for a barrel of oil.

That price pitched downward immediately Thursday. Light, sweet crude for July delivery fell $4.75 to settle at $131.93 a barrel on the New York Mercantile Exchange.

The price increases were announced late Thursday by...

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