Less than a month between this time and of the previous oil price adjustment, domestic prices have increased by around 6.19%, especially in Tianjin, Beijing and Shanghai. Petroleum product prices will be raised again on May 9.
Since the global oil price is rising, the domestic refined oil price will continue on an upward trajectory. The trade price of petroleum products has already increased to CNY 8,485 per ton.
Influenced by the latest adjustment, most gasoline stations are pushing the oil price higher, with favorable prices decreasing or even ended. The former oil piece in Huanghe gasoline station, CNY 7.32 per litre, has rebounded to CNY 7.38, the same price as gasoline stations for buses.
There are a total of 14 price adjustment windows, according to the oil price pricing mechanism. Although the government has delayed the pricing schedule in order to suppress speculation in oil markets, the result seems to be ineffective as long as the crude oil price keeps rising.
The pricing adjustment window will open again on May 5. Although the price hike and ever rising costs place more burdens on citizens, the oil price increases are necessary to relieve the strain on oil supplies, and ensuring producers’ positive attitudes towards manufacturing.Â
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