China may hike refined oil rates

China may raise prices of refined oil products later this month to link the domestic price of gasoline and diesel closer with global crude prices, said industry insiders.

This would be the second price hike of domestic refined oil products this year. China raised the price of gasoline and diesel by 290 yuan and 180 yuan per ton respectively, or 3-4 percent, on March 25.

"In my reckoning, this round of price hikes would be around 350 yuan per ton," Zhong Jian, an oil analyst told Shanghai Securities News.