China to raise domestic refined oil price by early April
(chinatrucks.com, Mar.19,2010)China is set to raise the retail price of domestic refined oil at the end of this month or early next month, by about 200 yuan ($29.3) per ton, an analyst with C1 Energy predicted, China Daily reported today.
International oil price has stayed above $80 per barrel since its rally in early February. If it stays at the current level for ten more days, the moving average will break 4%, the set limit for oil price adjustment, by March 26, and China's retail price of refined oil has to be raised, said the analyst.
A new oil pricing mechanism was introduced last year. Under the system, domestic refined oil prices are adjusted when the moving average of a basket of international crude (Brent, Dubai and Cinta) changes more than 4% over a period of 22 business days.
Since the adjustment in November last year, the price of China's finished oil has remained unchanged. The country adjusted domestic oil prices eight times last year, including five hikes and three cuts. The last adjustment was made on Nov. 10 (up 480 yuan per ton).
Annual oil consumption in China, now the world's largest auto market, has been increasing, second only to the U.S. Refineries, such as PetroChina and Sinopec, have ramped up crude oil processing to record levels since later last year.
Views:0
- African Customer Introduces SHACMAN Trucks for Oil and Gas Transport Services 2021-11-04
- Tianwei mtf18 gear oil specilly produced for MT transmission 2014-12-19
- Kunlun Tianwei gl-5+ Gear Oil Help China Heavy Trucks 2014-08-29
- Jiefang 498 Oil-saving Match held in Changchun 2013-07-15
- Forland Launches Oil-saving New Products 2013-06-25
- Yuchai Lubricant Oil Awarded for Best Design 2013-05-10
- Great wall lubricating oil to provide green service to Shanghai world expo 2010-04-21
- The true mark of oil consumption shall come into force on January 1, 2010 2009-12-08
- Shell plans to open 100 gas stations in Shaanxi province 2009-10-26
- China building 2nd-phase oil reserve in Xinjiang 2009-09-27
Submit Your Requirements, We Are Always At Your Service.
- BYD Stopped the Production of Fuel Vehicles
- Geely Began Test Runs of Green E-methanol Vehicles in Danmark
- 2022 SANY Global Dealer Summit Was Held Successfully Online
- BYD and Shell Partner on EV Charging across China and Europe
- Daimler Truck Significantly Increase Sales, Revenue and Net Profit in 2021
- Scania Year-end Report January-December 2021
- Hyundai Motor and Iveco Group Sign MOU to Explore Future Collaboration
- GAUSSIN Enters China, the Largest Truck Market in the World
- Over 1,200 Hydrogen-powered Vehicles Deployed for the Beijing Winter Olympics
- Chinese New Year Holiday Closure Notice
- China's Truck Exports Grew by 30% YOY to 63490 Units in January-February
- China's New Energy Heavy Trucks Grew Despite an Overall Slump
- Heavy-duty Truck sales in China Fell by 54% to 54,000 units in February
- SINOTRUK Achieves Sales of 27,725 Vehicles in January, 2022
- China’s Domestic Tractor Sales Exceed 40,000 Units in January
- 2021 JAC International Pickup Export Performance
- JAC Achieved a Great Result in 2021
- China's Truck Export in 2021 Reached a 10-year Peak
- Heavy-duty Truck Sales in China Fall 57 Percent on Year in January
- China Recorded Sales of 645000 Tractors in 2021