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Domestic refined oil price to be raised

By Cai Muyuan (chinadaily.com.cn)
Updated: 2010-03-17 13:04
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Retail price of domestic refined oil will be raised at the end of this month or early next month, to about 200 yuan ($28) per ton, an analyst with C1 Energy predicted, cs.com.cn reported Wednesday.

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International oil price has stayed put above $80 per barrel since it recovered in early February. If it stays at the current level for ten more days, the moving average will break 4 percent, the set limit for oil price adjustment, in March 25 or 26 and China's retail price of refined oil will be raised, according to the analyst.

China adopted a new oil pricing system last year. Under the mechanism, domestic refined oil prices are adjusted when the moving average of a basket of international crude (Brent, Dubai and Cinta) changes more than 4 percent over a period of 22 working days.

Since the adjustment in November last year, the price of domestic finished oil has remained the same.
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