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CNPC Chairman calls for oil price rise

March 22/2012
(news.flanders-china) -- China should raise petrol and diesel prices to reflect the recent surge in crude oil prices, Jiang Jiemin, Chairman of both China National Petroleum Corporation (CNPC) and PetroChina said .

Any price increase would be the second so far this year and would raise Chinas fuel prices to fresh highs, raising concerns about inflation. According to Chinas fuel pricing formula, the government may consider lifting fuel prices if a moving average price for a basket of crudes rises over 4% in a month. But the Chinese government, worried about inflation, often postpones raising prices, meaning refiners often run at a loss as they are unable to pass on any increases in their crude oil costs to consumers.

China last raised petrol and diesel prices by 3% to 4% on February 8. Crude oil prices have gained about 9% in the following month, but the government has held off announcing any changes during the annual session of the National Peoples Congress (NPC), which ended on March 14. Some analysts said the government could raise petrol and diesel prices by at least CNY400 to CNY500 a ton, or about 5%.

mrcplast.com
Author:Anna Larionova
Tags:naphta, oil.
Category:General News
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