According to the notice of the National Development and Reform Commission, from 10 o'clock on October 24, each ton of gasoline will be reduced by 10 yuan and 24 yuan per ton of diesel.

After the above adjustment is implemented, oil prices will show a trend of "two consecutive declines". According to agency estimates, the price adjustment is equivalent to a reduction of 92.0 yuan per liter of No. 05 gasoline, 95.0 yuan per liter of No. 06 gasoline, and 0.0 yuan per liter of No. 06 diesel.

Taking an ordinary private car with a fuel tank capacity of 50L as an example, after this price adjustment, the owner will spend about 2.5 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 9.6 yuan if it is filled with a tank of fuel.

Infographic: Gas stations. Photo by Ge Cheng of Zhongxin Finance

Liu Wenjie, an analyst at Longzhong Information, said that during the current round of pricing cycle, international oil prices have experienced ups and downs. Although the geopolitical risks caused by the Palestinian-Israeli conflict are still worrying the market, the conflict has not yet threatened the actual crude oil supply, and the market waits to see if the situation in the Middle East will further intensify, during which the United States agreed to ease sanctions against Venezuela, and crude oil prices rose first and then declined.

"On the whole, the average price of the affiliated oil type during the pricing cycle has moved downward, and the corresponding comprehensive rate of change of crude oil has run in a negative range, opening the window for this round of retail price reduction."

This round is the twenty-first price adjustment in 2023, and after the price adjustment is landed, the price of refined oil will show a pattern of "ten rises, eight falls, and three strandings" this year. The next round of domestic refined oil price adjustment window will open at 11:7 on November 24.

"It is expected that the probability of the next round of refined oil price adjustment is relatively large." Longzhong information analyst Li Yan said that based on the current international crude oil price level, the next round of refined oil price adjustment will show an upward trend. At present, the geopolitical uncertainty caused by the Palestinian-Israeli conflict still exists, and the potential upside support continues.

"From the perspective of the future market, there are still downside risks to international crude oil prices in the short term, and it is difficult for the news to be boosted in the face of the later market." Wang Yanting, senior analyst of Jinlianchuang refined oil products, has a different view. (End)