Oil price adjustment may not happen

Updated: 2011-09-02 15:52

By Yin Mingzhe (chinadaily.com.cn)

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Domestic oil product prices may not drop as global oil prices rise, reversing a downward course, Shanghai Securities News reported Friday.

According to data from 100ppi.com, a Chinese bulk commodity data provider, the crude oil prices of NYMEX, WTI and Brent changed by -3.16 percent up until Aug 31, 2011.

“Based on recent data, it is expected that the change rate will reach around 3.1 percent and it will be difficult to satisfy the criterion of 4 percent ruled by the National Reform and Development Commission to adjust the domestic oil prices”, said Wang Jintao, an oil industry analyst from Chem365.net.

Wang added that international oil price have started to rise again, which may have a positive influence on the oil market.

A staff member from a refinery oil plant also revealed that the plant has increased its inventory based on the assumption that there will be no price adjustment.

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