Gasgoo.com (Shanghai February 9) - In line with rapidly increasing prices in the international oil market, Chinese refined oil looks likely to become even more expensive, with predictions that it will break the 10 yuan ($1.582) per barrel mark in the near future. According to statistics released by oil and gas market reporter and pricing agency C1 Energy, the domestic refined oil index, which is linked to Brent, Dubai and Cinta prices, fluctuated more then 7.77%, well above the 4% norm.
Analysts believed that in the wake of Spring Festival the National Development and Reform Commission would implement measures to stabilize oil prices and halt their continuing rise. When asked about oil prices following the holiday, Guangdong Petroleum Industry Association spokesperson Fan Xiaoping, citing international oil market trends, commodity market stability and domestic demand for natural resources, said he "reckoned that prices will still rise."
Mr. Fan pointed out that the gap between Chinese and international markets was still around 700 yuan ($106.964) per ton even after raising prices last December. For Chinese prices to match international value there needs to be an additional increase of 0.7 yuan ($0.107) per barrel. He continued to say that it will not be long until per barrel prices break the 10 yuan barrier
