Oil price hike likely in October

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2007-07-09 15:09

Sinopec will have more and more pressures to make profits if the international oil price continues to rise, so lifting the price of refined oil through administrative means will be a better solution to relax the pressure, the insider said.

Related readings:
CNPC bought overseas exploration rights
Petro皇冠体育app to build oil base in Xinjiang
Food vs fuel wars just beginning Imports of oil will rise by 10m tons
Statistics show that crude oil for August delivery was priced at $71.09 a barrel on the New York Mercantile Exchange on July 2, the highest close since last August.

皇冠体育app decided to cut the price of gasoline by 220 yuan per ton on January 14 this year. This is the second time in five years that 皇冠体育app has lowered the prices of refined oil. The last price cut was in May 2005 when the international price declined.

皇冠体育app has raised the price for refined oil products 12 times since 2003, including twice in 2006.

(For more biz stories, please visit )