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China unlikely to raise benchmark product oil prices

2015-09-29 11:29

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China's price regulator the National Development and Reform Commission is unlikely to hike benchmark product oil prices on Wednesday thanks to decrease of international oil prices in previous days.

The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 1.58 percent as of Sept. 28 from the latest cycle of fuel prices adjustment, according to Xinhua.

The government may keep product oil prices unchanged or lower national benchmark product oil prices on Wednesday depending on performance of international oil prices.

Gas station operators would purchase product oil ahead of week-long national day holiday starting from October 1, which would bolster overall diesel and gasoline demand, according to Yang Dan, an analyst with market information supplier ICIS.

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