China ra indoor led display ises jet fuel prices by 11%
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China raises jet fuel prices by 11%Published: 20 May 2009 23:36:18 PST
Top 5 News From ChinaKnowledge.comChina Railway Construction wins contracts worth RMB 3.53 blnGuangzhou to hold First Asia Energy ForumHSBC, BEA approved to issue RMB bonds in Hong KongChina Telecom adds 1.87 mln CDMA users in AprilFMR cuts shareholding in ZTE to 9.97%May. 21, 2009 (China Knowledge) - The Chinese government on Wednesday raised domestic jet fuel prices by about 11%, tracking the rising trend on the global market, the Shanghai Securities News reported.
The National Development and Reform Commission (NDRC) raised fuel prices to RMB 4,450 a ton from the previous RMB 3,990 a ton, which is likely to cause the three major domestic airlines to have to spend an additional RMB 2 billion on fuel in 2009.
Shanghai Airlines Co Ltd<600591>, the city's second-largest carrier, and Hainan Airlines Co Ltd<600221><900945> are also likely to lose RMB 190 million and RMB 230 million in profit, respectively.
Industry analysts said that domestic airlines are unlikely to raise air ticket prices as the demand for air travel is weak amid the economic downturn.
A source from the China National Aviation Fuel Holding told Reuters that jet fuel supply has been very tight in the recent period as the price for jet fuel has been lower than that of diesel. The jet fuel price increase is expected to encourage jet fuel production and ease jet fuel supply.
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