Shanghai likely to face oil price hike

The wholesale price of oil products rose in two neighboring cities of Shanghai Nanjing and Suzhou yesterday, exerting heavy pressure on Shanghai's oil market.

According to the data on oilboss.cn, a professional Chinese website providing information about Chinese gas stations and oil products, the 90# gasoline was charged RMB 5,960 per ton by Sinopec Nanjing branch, climbed RMB 60. The 93# gasoline and 0# diesel oil were priced at RMB 6,070 and RMB 5,370 per ton, rose RMB 70 and RMB 30 respectively. Similar to Nanjing, the wholesale price for 90#, 93# gasoline and 0# diesel oil in Suzhou also rose RMB 60, RMB 70 and RMB 30 per ton respectively.

In addition, as two oil refining plants in Shanghai will stop operation for maintenance later this year, the shortage of oil products supply in Shanghai is expected to be worsen in near future.

An anonymous industry insider also revealed that the Shanghai branches of Sinopec and Petrochina has halted their oil products selling in wholesale market to guarantee the supply to their own gas stations.