Chinanews.com, December 12 (China News Financial Reporter Ge Cheng) According to the notice of the National Development and Reform Commission, from 19 o'clock on December 12, the price per ton of gasoline will be reduced by 19 yuan, and the price of diesel will be reduced by 24 yuan per ton of diesel.
After the above adjustments were implemented, oil prices ushered in "six consecutive declines" and recorded the largest decline in the year. According to the agency's calculations, the price adjustment is equivalent to a reduction of 92.0 yuan per liter for No. 32 gasoline, 95.0 yuan per liter for No. 34 gasoline, and 0.0 yuan per liter for No. 34 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 16 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 54.4 yuan by filling up a tank of fuel.
Data map: gas station. Photo by Ge Cheng, Zhongxin Finance
Liu Wenjie, an analyst at Longzhong Information, said that during this round of pricing cycle, international oil prices have weakened. Although the International Energy Agency expects global demand to still grow in 2024 and the Federal Reserve has hinted at three interest rate cuts next year, the data shows that the US economic pressure still exists, and the market doubts about the implementation of voluntary production cuts by the Organization of the Petroleum Exporting Countries and its partners (OPEC+).
"On the whole, the average price of the anchored oil in the pricing cycle has moved downward, and the corresponding comprehensive rate of change of crude oil has operated in a negative range, opening the window for this round of retail price reduction."
This round is the twenty-fifth price adjustment in 2023 and the last price adjustment of the year. After the price adjustment is implemented, the price of refined oil will show a pattern of "ten rises, twelve declines and three strandings" during the year.
Throughout the year, oil prices have had their ups and downs. In the first half of the year, oil prices rose and fell staggered, with frequent fluctuations; In the second half of the year, oil prices ushered in a "six consecutive decline" trend after "five consecutive rises", and ended the year with the "largest decline".
The next round of domestic refined oil price adjustment window will open at 2024 o'clock on January 1, 3.
"It is expected that the probability of the next round of refined oil price adjustment is relatively large." Li Yan, an analyst at Longzhong Information, 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 the beginning. At present, Saudi Arabia and other oil-producing countries are still firmly promoting production cuts, the Fed's interest rate hike cycle is nearing the end, and market confidence has been restored.
"There is a high probability that a new round of retail prices will be stranded." Wang Yanting, senior analyst of Jinlianchuang refined oil products, has a different view. "In the short term, international crude oil may fluctuate slightly, and the rate of change may gradually narrow. Looking ahead, the new round of change rate will turn into positive fluctuations, but the trend of crude oil is still weak, and the boost to the market in the later period is limited. (ENDS)