Chinanews client, Beijing, March 3 (Reporter Zhang Xu) At 24:00 on March 3, the domestic product oil price adjustment window will be opened again.
Many organizations predict that gasoline and diesel prices will increase by about 270 yuan/ton, which is equivalent to an increase of 0.21 yuan per liter for No. 92 gasoline and 0.23 yuan per liter for No. 0 diesel.
After the implementation of this price adjustment, it will become the first "eight consecutive increase" of the current price adjustment mechanism since its implementation in the spring of 2013.
On February 18, Fuzhou, Fujian, vehicles were refueling at a gas station.
Photo by China News Agency reporter Lu Ming
During the week, Saudi Arabia’s production cuts were implemented well and the U.S. crude oil production was reduced, and international crude oil prices continued to rise.
Zhuo Chuang Information stated that after the implementation of this oil price increase, it will be the first "eight consecutive increase" since the implementation of the refined oil pricing mechanism on March 26, 2013. The domestic retail price of gasoline and diesel has been increased by approximately RMB 1,450/ton. 1405 yuan/ton.
Based on the 50L fuel tank of an ordinary private car, a full tank of fuel will cost 57 yuan more than before November 19, 2020.
Dai Tiandong, an analyst at Zhuo Chuang Information, said that the "eight consecutive rises" are expected to boost the market, and after the Spring Festival, domestic demand for refined oil has gradually recovered. Although it is not as expected, market participants are optimistic about the market outlook.
Therefore, during this cycle, the wholesale price of refined oil products in the domestic main business units has shown a continuous upward trend, with a cumulative increase of more than 500 yuan/ton, and the increase in oil prices in some areas is as high as 800 yuan/ton.
The next round of domestic oil price adjustment window will be opened at 24:00 on March 17, 2021.
Looking ahead, Longzhong Information analyst Li Yan believes that OPEC+ may increase production slightly, and Saudi Arabia may cancel additional production cuts. It is expected that the next round of domestic product oil price adjustments will have a higher probability.
However, in the medium and long term, Goldman Sachs' latest report points out that driven by low inventories and rising marginal costs of upstream activities, the subsequent rise in international oil prices may be faster and the rate of increase will be even higher.
Brent crude oil futures are expected to reach US$70/barrel in the second quarter and US$75/barrel in the third quarter, which is US$10/barrel higher than the previous forecast.