Title: No. 92 Gasoline Prices to Increase by 11 Yuan as Domestic Refined Oil Prices Rise for the Seventh Time in 2023
Date: July 28, 2023
Source: Zhongguancun Online
Author: Yao Liwei
On July 26, the National Development and Reform Commission announced on its official website that starting from 24:00 on July 26, 2023, domestic gasoline and diesel prices in China would increase by 275 yuan and 260 yuan per ton, respectively. This marks the seventh increase in domestic refined oil prices in 2023 and is the first occurrence of “three consecutive increases” this year.
According to estimates from agencies, the price hike means that it will now cost approximately 11 yuan more to fill up a tank of No. 92 gasoline for a general household car with a 50L fuel capacity. Before this increase, domestic refined oil prices had undergone 14 rounds of adjustments in 2023, characterized by a pattern of “six rises, six falls, and two strandings”. Following the latest adjustment, the price adjustment situation for refined oil in 2023 will become “seven ups, six downs, and two strandings”.
Following the principle of “ten working days”, the next round of refined oil retail price adjustment is scheduled for 24:00 on August 9. Analysts generally believe that there are still expectations for an upward adjustment in the next round of price changes. They point out that as Saudi Arabia’s additional production cuts continue until August and Russia initiates an additional 500,000 barrels per day production cut in August, coupled with the ongoing summer fuel consumption peak in the United States, the international crude oil price is likely to fluctuate at a high level in the next cycle, with strong support below the oil price.
According to current crude oil prices, the rate of change in crude oil at the beginning of the new pricing cycle remains in the positive range, with an initial estimated range of around 175 yuan/ton. In terms of international oil prices, London Brent crude futures for September delivery closed at $82.74 a barrel, the highest closing price since April 24. On the New York Mercantile Exchange, light sweet crude oil futures for September delivery closed at $78.74 a barrel, which is a new high since April 19. Both crude oil futures rose more than 2%.
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