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Oil price up in China from today
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FUEL prices are lifted up echoing the rebound of global crude, the National Development and Reform Commission announced yesterday.
It costs about 14.5 yuan (US$2.2) more to fuel a private car today, given Shanghai’s ceiling price for 92-octane gasoline is now 6.18 yuan per liter from 5.89 yuan, while a liter of 95-octane sells at 6.57 yuan, rising from 6.27 yuan. Diesel costs 5.67 yuan per liter from 5.49 yuan.
“It's the highest jump this year,” said Xu Jia, an analyst at Chem365.net, a commodity consulting company.
The increase of domestic fuel prices was in accordance with the rally of crude due to investors’ expectations for output cut. OPEC members announced at the end of September that they reached the consensus to shrink production, after which global crude jumped during past half month. By Tuesday the Brent crude has rebounded by 5 percent from September 29 when OPEC released that message, closing at 51.68 dollars a barrel.
Despite the price surge, crude production hasn’t been practically dampened, given OPEC said in a report that its members’ crude output peaked last month, totaling 33.6 million barrels with average daily growth of 160,000 barrels. Crude price thus slightly dropped after October 10. Whether OPEC will take real actions are to be seen in November, the members said.
Under existing mechanisms, domestic fuel prices are adjusted every ten working days based on the fluctuation of global crude.
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