(Yicai Global) Nov. 2 -- An adjustment to the price of gasoline will start at midnight, and market participants expect authorities will hike fuel prices again.

Growing expectations on the global oil market about an extension of Organization of Petroleum Exporting Countries' (OPEC) production cut agreements pushed up crude oil prices, bringing Brent to USD60 per barrel, a high since Jul. 3, 2015.

Rising oil prices caused the Chinese oil price volatility index to rise. Chinese fuel prices have trended upward this year, and most of the price increases occurred in the second half.

High oil prices on the global market have driven up the Chinese crude oil volatility index, said Meng Peng, an analyst at SCI99 Inc. The retail fuel price will increase by USD19.73 (CNY130) to CNY140 per ton in this adjustment, JLC Network Technology Co. forecast.

This hike will be passed on to consumers. The volume of a fuel tank is typically 60 liters, and it will cost consumers an additional CNY8 per tank during the next pricing cycle, said Zou Xuelian, an analyst at JLC Network Technology. Given the significant differences between wholesale and retail fuel prices, gas stations will continue to offer discounts, Zou said.

Domestic demand has remained in a trough in recent months, and Chinese fuel companies are lagging behind their sales targets, Meng said. As a result, they are keeping wholesale fuel prices at a low level, hence the large differences between wholesale and retail prices, said Meng. Fuel retail sales are still highly profitable, allowing gas stations to offer substantial discounts to customers, said Meng.