China News Service, April 1 (China News reporter Ge Cheng) According to a notice from the National Development and Reform Commission, starting from 24:00 on April 1, the price of gasoline per ton will be increased by 200 yuan, and the price of diesel per ton will be increased by 190 yuan.
The agency estimates that this price adjustment is equivalent to an increase of 0.16 yuan per liter for No. 92 gasoline, 0.17 yuan per liter for No. 95 gasoline, and 0.16 yuan per liter for No. 0 diesel. After the price adjustment, No. 92 gasoline will return to the "8 yuan era" in most areas across the country. Since this price adjustment coincides with the Tomb Sweeping Day holiday, the cost of driving for car owners may increase during the short holiday.
Taking an ordinary private car with a fuel tank capacity of 50L as an example, after this price adjustment, car owners will spend about 8 yuan more to fill up a tank of fuel. In terms of diesel, a large truck with a fuel tank capacity of 160L will cost approximately 25.6 yuan more to fill up a tank of fuel.
Data map: Gas station. Photo by Sino-Singapore Finance reporter Ge Cheng
Liu Wenjie, an analyst at Longzhong Information, said that during this pricing cycle, international oil prices have been strong and volatile. Although the weak global economy has had an impact on crude oil demand expectations, and U.S. crude oil inventories have also increased, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) have a firm stance on production cuts, coupled with geopolitical disturbances, the tight supply pattern has not changed.
"Overall, the average price of the listed oil types during the pricing cycle has moved up, and the corresponding comprehensive change rate of crude oil has moved in a positive range, opening the window for this round of retail price increases."
This round is the seventh price adjustment in 2024. After the price adjustment, domestic refined oil prices showed a pattern of "four increases, one decrease and two stranded" during the year. The next round of domestic refined oil price adjustment window will open at 24:00 on April 16.
"At present, the fundamentals are still favorable, and it is expected that the next round of refined oil price increases will be more likely." Li Yan, an analyst at Longzhong Information, said that the production cuts by the Organization of the Petroleum Exporting Countries and its partners (OPEC+) will continue in the second quarter. Moving forward, Russia said it plans to step up production cuts. In addition, the instability of the geopolitical situation has not been eliminated, and local demand is expected to continue to pick up.
"Looking at the market outlook, international crude oil prices have continued to fluctuate at high levels recently, and the new round of change rate has maintained positive development. The news is still supportive in the face of later market conditions." Wang Yanting, senior analyst of Jinlianchuang refined oil products, also holds a similar view. (over)