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Oil price hikes facing adjustment

By Cai Muyuan (chinadaily.com.cn)
Updated: 2010-10-14 17:25

Affected by rising oil prices in the international market, domestic oil price is on the rise since the end of September. Wholesale prices of product oil increased to the limit in many provinces, some even higher than retail prices, Beijing Morning Post reported Thursday.

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According to Shandong Zhuochuang Info Co Ltd, based on the current situation, oil prices might be adjusted on Oct 15, the newspaper reported.

Statistics show that diesel price rose to 7,100-7,200 yuan ($1,055.76-1,070.63) per ton. "The wholesale diesel price is being pushed up by the rising sales of vehicles and strong demand in power and agriculture," an analyst said. Led by diesel, the price of gasoline is also on the rise, according to the newspaper.

According to the analyst, the pressure of short demand of product oil cannot be eased in the short term, said the newspaper.