China mulls over hiking refined oil price

(Ecns.cn)--"I think it is time for China to regulate the price of domestic refined oil upwards," said Jiang Jiemin, president of China National Petroleum Corporation (CNPC) during a break in the annual NPC& CPPCC meeting on Wednesday.

CNPC is the country's largest integrated oil and gas company. According to Bloomberg, Brent oil prices have risen 12.3 percent since October 9, to US$118.93 a barrel. Dubai crude, an Asian benchmark grade, climbed 15.8 percent, while Cinta, an Indonesian crude also used as a benchmark by China, has advanced 13.1 percent.

According to current International rules, the National Development and Reform Commission (NDRC), China's top economic planner, can adjust the price tag on retail fuel when the 22-day moving average of a barrel of Brent, Dubai and Cinta changes more than 4 percent.

Since February 8, the NDRC has pushed up the prices of gasoline and diesel oil by 300 yuan (US$47.35) a ton, which is the first time it has changed the price of oil this year.