China News Service, August 9 (Zhongxin Finance and Economics Ge Cheng) According to the notice from the National Development and Reform Commission, starting from 24:00 on August 9, each ton of gasoline will be reduced by 130 yuan, and each ton of diesel will be reduced by 125 yuan.
This is the first "four consecutive declines" in domestic refined oil prices this year, and the fifth time this year.
The agency estimates that the price adjustment is equivalent to 0.10 yuan per liter of No. 92 gasoline, 0.11 yuan per liter of No. 95 gasoline, and 0.11 yuan per liter of No. 0 diesel.
On August 8, the price at a gas station in Shijingshan District, Beijing showed: No. 92 gasoline was 8.54 yuan per liter; No. 95 was 9.09 yuan.
Photo by Ge Cheng of China-Singapore Finance
Taking an ordinary private car with a fuel tank capacity of 50L as an example, after this price adjustment, the owner will spend about 5 yuan less to fill up a tank of fuel.
In terms of diesel, a large truck with a fuel tank capacity of 160L will save about 17.6 yuan for a full tank of fuel.
This round is the fifteenth price adjustment of domestic oil prices in 2022. After the price adjustment, refined oil products will show a pattern of "ten rises and five falls" during the year.
During this round of pricing cycle, international oil prices fell to the lowest level in half a year, giving back all the gains since the conflict between Russia and Ukraine.
Since the beginning of this year, after the price of refined oil has shown a "four-straight decline" trend, gasoline has been reduced by 1,110 yuan per ton, and diesel has been reduced by 1,070 yuan per ton, equivalent to about 0.87 yuan per liter of gasoline and 0.91 yuan per liter of diesel.
An ordinary private car with a fuel tank capacity of 50L can spend about 43.5 yuan less on a full tank of fuel than before the "four-straight drop" in oil prices.
Ma Jiancai, an analyst of Jinlianchuang's refined oil products, believes that in this round of pricing cycle, international crude oil prices show a wide-ranging downward trend.
During the cycle, U.S. crude oil and gasoline inventories fell more than expected, and the dollar fell once supported oil prices. However, as weak economic data from many countries affected oil demand growth expectations, the U.S. Energy Information Administration (EIA) unexpectedly increased commercial crude oil inventories, and demand concerns led to oil prices. After a sharp drop, U.S. WTI crude oil futures once fell below the $90/barrel mark, hitting a 5-month low.
The previous price adjustments of domestic refined oil products in 2022.
(Data source: National Development and Reform Commission)
The next round of domestic refined oil price adjustment window will open at 24:00 on August 23.
Longzhong Information analyst Li Yan predicts that based on the current international crude oil price level, the next round of refined oil price adjustment will show a sharp downward trend at the beginning.
At present, the market's concerns about the economy and demand prospects still exist in the context of interest rate hikes, and the negotiation on the Iranian nuclear issue is expected to bring a new turn.
Jinlianchuang refined oil analyst Bi Mingxin also expressed the same view. The decline in demand for crude oil and petroleum products caused by the economic downturn and high oil prices has become the main factor to suppress oil prices.
At the same time, the OPEC+ policy of slightly increasing crude oil production has limited boost to oil prices, or it may not be able to prevent oil prices from falling below $90 a barrel.
(Finish)
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