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Concept: Peak Oil
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edit China raises oil and diesel prices to curb demand

June 19,2008

China, the second-biggest fuel consumer after the U.S., will increase gasoline and diesel prices by 1,000 yuan ($145.50) a ton starting tomorrow, China Central Television said. Jet fuel and power prices will also increase. Oil has almost doubled in the past year partly because of rising Chinese demand.

This is an attemp to not only reduce demand but is aimed at curbing the high subsidy the government pays to control prices.

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