China News Service, Beijing, February 19 (Reporter Pang Wuji) China's National Development and Reform Commission reported on the 19th that domestic refined oil prices will not be adjusted on February 19, 2024 according to the mechanism. This is the first time since 2024 that China’s refined oil prices have been stranded.
The National Development and Reform Commission pointed out that since the adjustment of domestic refined oil prices on January 31, 2024, oil prices in the international market have fluctuated. According to the current domestic refined oil price mechanism, the average price in the first 10 working days on February 19 is the same as before January 31. Compared with the average price for 10 working days, the price adjustment amount is less than 50 yuan (RMB, the same below) per ton. According to Article 7 of the "Petroleum Price Management Measures", the prices of gasoline and diesel will not be adjusted this time, and the unadjusted amount will be accumulated or offset in the next price adjustment.
Industry insiders explained that international crude oil prices will be strong during the 2024 Spring Festival holiday. The closing price of WTI crude oil (U.S. West Texas Light Crude Oil) is close to US$80 per barrel. The rate of change of crude oil has turned from negative to positive, but the corresponding increase has not reached per barrel. The price adjustment line is 50 yuan per ton.
Xu Na, a refined oil analyst at Zhuochuang Information, pointed out that according to the agency's monitoring model, as of the close of trading on February 16, the change rate of domestic reference crude oil on the 10th working day was 0.36%, and gasoline and diesel are expected to increase by 15 yuan per ton. This change The range has not yet reached the national adjustment line of 50 yuan per ton, so the price adjustment of refined oil products has been stranded for the first time since 2024.
Looking forward to the market outlook, Xu Na pointed out that the market is paying close attention to the development of the situation in the Middle East. If the market remains cautious, crude oil prices may run on the strong side. The data monitoring model of Zhuochuang Information shows that according to the current crude oil price calculation, the rate of change after recalculation is in the positive range, and the initial upward adjustment atmosphere of the new cycle is strong, and the price adjustment window is 24:00 on March 4.
Since the beginning of this year, China's domestic refined oil prices have experienced three rounds of adjustments, with "two increases and one decrease". After the increases and decreases offset each other, gasoline and diesel prices increased by 350 yuan and 340 yuan per ton respectively during the year. (over)