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Experts: Oil price may hike again in late June

By Hu Yang (chinadaily.com.cn)
Updated: 2009-06-19 18:03

China's top economic planner could raise the prices of refined oil products as early as late June as the international crude price hits over $70 a barrel while the domestic oil price is only equivalent to $50 a barrel, experts have said.

According to a new oil pricing mechanism introduced by the National Development and Reform Commission (NDRC) in May, China will adjust domestic fuel prices when global crude prices see a daily fluctuation band of more than 4 percent for 22 working days in a row. There have been two such price hikes this year.

Yin Xiaodong, an analyst with CITIC Securities, told China Securities Journal that domestic oil prices were likely to be raised by the end of June, given the fast rebound of international crude price recently.

Hao Yanfei, an analyst with the State Information Center said another adjustment is likely but the exact date and details are hard to predict, for the NDRC would not like predictable oil price changes.

Related readings:  China raises gasoline, diesel prices  Oil price system 'reflects world changes more quickly'  Lower oil price before fuel tax  Energy: Calls for oil price reform as world prices fluctuate

But a source from China's largest refiner Sinopec Corp told the newspaper that an imminent price hike of refined oil products is unlikely to happen as China's economy is recovering and authorities may want to postpone such adjustment. He said authorities will also take interests of farmers, energy and transportation industries into consideration.

An NDRC official said China's oil price will fluctuate in accordance with the international trends, but adjustments should not be too frequent.