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Chen Liguo, general manager of Sinopec Jiangxi Oil Products Co, suggested in a motion to the National People's Congress shortening the interval between oil price adjustments. He suggested that the oil price be adjusted every 10 days instead of the current almost one month and eventually adopt a more flexible and frequent pricing scheme.
He also urged making the adjustment plan for when the oil price skyrockets over $100 a barrel. He said the current oil pricing scheme is clear about the pricing policy when the world oil prices fluctuate between $60 and $80 a barrel, but is still vague about the pricing policy when they rise too high.
The global oil price has been around $80 a barrel in 2010, but in the long term, the world oil price is likely to reach $90 and even hit $100 a barrel. So it is crucial to define the pricing scheme for when the oil price breaks $100 a barrel.