China likely to raise oil prices

Source: Xinhua | May 10, 2015, Sunday |

Online Edition

CHINA is likely to raise gasoline and diesel retail prices in the domestic market after a rising trend of global prices.

Analysts predicted the guide prices will be lifted by over 200 yuan (US$33) per ton, marking the third consecutive rise.

The change is expected to be announced on Monday by the National Development and Reform Commission, China's top economic regulator. According to China's oil pricing mechanism the price can be changed every 10 working days should there be a substantial price change in the global market.

Prices in the European and American markets fluctuated in the past week. The light, sweet crude rose slightly to around US$60 a barrel on the New York Mercantile Exchange, while Brent slipped mildly to around US$65.

A report by 315i.com, a commodity information website, forecast demand will edge up in the coming weeks and summer, the traditional peak season for oil consumption.

The price of sweet crude will climb to US$60 to 65 per barrel, while Brent crude will stood between US$68 to 72 in the next week, the report said.

Energy

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China likely to raise oil prices

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