China's Refined Oil Prices to Rise on May 21, 8th Hike This Year as Crude Hits $105

According to Jin Lian Chuang, China's refined oil prices are expected to rise on May 21 at 24:00, marking the eighth increase this year. As of May 20, the reference crude oil price averaged $105.09 per barrel, with domestic gasoline and diesel projected to rise by approximately 110 yuan per ton.

Analysts from Zhuo Chuang Energy and Long Zhong Energy predict retail price increases of 8-9 cents per liter for 92-octane gasoline. Drivers filling a 50-liter tank would pay an additional 4-5 yuan, translating to roughly 2.5-4.5 yuan more per full tank depending on tank size.