Shanghai, October 26 (Gasgoo.com) Global crude oil futures prices settled above $81 a barrel Wednesday for the first time in a year, propelled by weakness in the dollar and tightening U.S. inventories, reported the Global Times. This maybe shows a sign to the uptrend of China's gasoline price.
Crude oil futures for December delivery settled up 2.8%, at $81.37 a barrel after hitting an intraday high of $82 a barrel, which is also the highest settlement price of the year.
Since China's refined oil pricing mechanism took effect earlier this year, the National Development and Reform Commission (NDRC) is to adjust domestic fuel prices when global crude oil prices changes at an average 4% speed over 22 straight working days.
The last price adjustment was made on Sept. 30. Up to Oct. 20, according to the regulation above, the rise has run far beyond the 4% line.
Experts predicted that the retail gasoline price would face an upward spiral if the crude oil price keeps high above $75 a barrel in the coming week.
