TMCnet News
China's oil prices forecast to rise(Asia In Focus Via Thomson Dialog NewsEdge)BEIJING, April 25 Asia in Focus - With international oil prices breaching US$75 per barrel, China's crude prices, which fluctuate with international benchmarks, are expected to rise considerably as well. The country's Daqing crude price is forecast to rise to 4,701 (US$586.55) yuan/ton in May, 421 yuan/ton higher than that in April. * The higher crude price will force domestic refineries to repeat 2005's losses if the government does not raise product prices. * SINOPEC, for example, will suffer an 80 yuan loss for each ton of product oil it sells if current prices remain. SUMMARY China's crude oil prices set to rise as cost soars on world market, domestic refineries forecast to reap losses ASIA IN FOCUS 25-04 1800 |