According to calculations of several market institutions, oil prices may be hiked, according to government regulations, on Feb 27.

Depending on the international crude oil price, which has seen a recent rise, an addition of 400 yuan ($63.96) per ton may be added to the current price in China. At that time, the prices of 93# and 92# Gasoline in all provinces and cities in China will likely reach six yuan per liter.

Influenced by multiple factors, such as the continuous decrease of boring facilities in the United States and positive economic growth in Europe, the recent plunge in international crude oil prices has reversed of late. According to the valuation results published by Zhongyu Information on Feb 25, the price of crude oil is about $57.764 per barrel, $6.879 more than the last round of standard pricing, amounting to a 13.52 percent price increase.

From July in 2014 to February, the price of domestic refined oil fell 13 times from its original price due to the continuous decrease of international oil prices. This year's first up-regulation of domestic refined oil price came on Feb 9.

The retail price of Hunan's 93# refined oil is 5.84 yuan per liter, with 97# oil costing 6.2 yuan per liter and 0# Diesel Oil set at 5.21 yuan per liter. Should the price hike be implemented, Hunan's 93# Gasoline will have cost over six yuan per liter for consumers.

According to statistical data from Longzhong Petrifaction Net, the accumulative decline of the price per ton of domestic gasoline reached 2,050 yuan, while diesel experienced an accumulative price decline of 2,205 yuan. It is expected that this year's average price of domestic refined oil will be slightly higher than that of last year.