Gasgoo (Shanghai, August 4)—Analysts believe China may cut the price of refined oil on Friday in response to a drop in global prices of crude oil. The decrease in price of refined oil is expected to be between 190 RMB yuan and 210 RMB yuan per ton.
Drop in retail prices of gasoline and diesel is expected to be 205 RMB yuan per ton. Decrease in per litter prices of 90 gasoline and 0 diesel may be 0.15 RMB yuan and 0.17 yuan on average. Retail prices of refined oil may be lowered by 155 RMB yuan per ton due to surplus in supply of oil by OPEC in July, making it possible for consecutive decrease for the first time in 2016.
Analysts believe that global prices of oil may not show upward trend in short term due to increasing production and decreasing demands.
