China News Service Client Beijing, September 18th (Zhang Xu) The retail price of refined oil in China ushered in the first reduction in the second half of the year. Based on an ordinary private car with a fuel tank capacity of 50L, after the price adjustment, car owners filled a box. Oil will cost about 13 yuan less.
According to the National Development and Reform Commission, from 24:00 on September 18, domestic gasoline will be reduced by 315 yuan per ton, and diesel will be reduced by 300 yuan per ton.
According to the agency's calculations, the price increase of No. 89 gasoline would fall by 0.23 yuan per liter, No. 92 gasoline would fall by 0.25 yuan per liter, No. 95 gasoline would fall by 0.26 yuan per liter, and No. 0 diesel would fall by 0.26 yuan per liter.
An overview of the price adjustments of refined oil products from 2019 to 2020.
Picture from Longzhong Information
In this round of pricing cycle, international crude oil showed a trend of first decline and then rise.
At first, the fundamentals of the international crude oil market continued to weaken, and the number of global new crown pneumonia cases continued to increase. With the end of the summer driving peak in the United States, the market’s concerns about weak oil demand were aggravated. The market expects that the demand for crude oil from refineries will decline in the autumn. , Many negative factors suppressed the continuous decline of crude oil prices, and the international oil price once approached 40 US dollars per barrel.
Subsequently, affected by the hurricane, some offshore oil production was forced to suspend, and crude oil production in the Gulf of Mexico was significantly blocked. Together with the decline in US crude oil inventories, the decrease in crude oil supply supported the continuous rise in crude oil prices.
Although the average price of crude oil has rebounded, it is still negative during this pricing cycle. Therefore, the current round of domestic refined oil retail price limits ushered in a downward adjustment.
According to Xu Wenwen, a refined oil analyst at Longzhong Information, after the price adjustment, the cumulative decline in gasoline this year was 1,860 yuan/ton, and the decline in diesel was 1,790 yuan/ton.
"Based on an ordinary private car with a fuel tank capacity of 50L, after this price adjustment, car owners will spend about 13 yuan less to fill a tank of fuel. The price of diesel fuel in most areas of the country is about 5.4-5.5 yuan per liter, and the retail limit of 92# gasoline The price is 5.4-5.6 yuan per liter. The price adjustment will greatly reduce the cost of fuel for private car owners." Xu Wenwen said.
Data map: Oil well construction site in Luliang Oilfield.
Photo by Dou Rong
Longzhong Information analyst Li Yan said that this price adjustment is the 18th price adjustment in 2020. After this price adjustment, the price adjustment of refined oil products in 2020 will show a pattern of "three ups, four downs, and eleven stranded".
The next domestic oil price adjustment window will open at 24:00 on October 9, 2020.
Zhuo Chuang Information said that on the one hand, it is actually difficult for OPEC (OPEC) to continue to increase production; on the other hand, the continuity of crude oil inventories in the U.S. Gulf of Mexico continues to decline sharply. Therefore, the momentum for crude oil prices to rise is insufficient, so the next domestic round is expected. Oil prices are expected to rise.
Li Yan also holds the same view. "The OPEC+ meeting reaffirmed the importance of fully implementing the production reduction agreement. Some oil-producing countries such as Iraq and other poorly implemented oil-producing countries need to complete additional production cuts by the end of December, boosting market confidence. However, the severity of the overseas epidemic has increased unabated, bringing The negative suppression of oil products is still there, which will affect the increase in oil prices. It is expected that the next round of refined oil price adjustments will have a higher probability." (End)