2007-11-03 — ft.com
"China raised the price of petrol and diesel by almost 10 per cent yesterday as crude oil prices hit a fresh record above $94 a barrel.
The move, the first increase since May 2006, came despite a promise by Beijing not to put up state-controlled prices before the end of the year in an effort to keep inflation at bay.
This is important news. Not mentioned in the article is the fact that this means more supply will stay in China, which effectively takes it off the world market and decreases world supply/output.
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