The price of China’s refined oil products has the largest increase in the year. No. 95 gasoline will fully return to the “8 yuan era”
China News Agency, Beijing, April 17 (Reporter Pang Wuji) China’s refined oil prices have seen the largest increase this year.
China’s National Development and Reform Commission reported on the 17th that according to the recent changes in oil prices in the international market and in accordance with the current refined oil price formation mechanism, starting from 24:00 on April 17, 2023, domestic gasoline and diesel prices will increase by 550 yuan per ton (RMB, below same) and 525 yuan.
In terms of price increases, on a national average, No. 92 gasoline, No. 95 gasoline, and No. 0 diesel have been raised by 0.43 yuan, 0.46 yuan, and 0.45 yuan per liter, respectively. After the price adjustment is implemented, the price of No. 95 gasoline in the domestic retail sector will fully return to the “8 yuan era” (per liter).
Meng Peng, an oil product analyst at Zhuo Chuang Information, pointed out that after the implementation of the policy of raising the retail price of refined oil this time, the cost of oil used by residents will increase. Taking a family car with a fuel tank capacity of 50 liters as an example, it will cost 21.5 yuan more to fill up a tank of No. 92 gasoline than before.
Taking a small private car with a monthly running distance of 2,000 kilometers and a fuel consumption of 8 liters per 100 kilometers as an example, before the next price adjustment window opens, consumers’ fuel consumption costs will increase by about 25 yuan.
The cost of the logistics industry has also increased. Taking a heavy-duty truck with a monthly running distance of 10,000 kilometers and a fuel consumption of 38 liters per 100 kilometers as an example, the fuel cost of a single vehicle will increase by about 627 yuan before the next price adjustment window opens.
After the price adjustment was implemented, since the beginning of this year, the retail price limit of domestic refined oil products has undergone a total of 8 adjustments, of which 3 times were raised, 3 times were lowered, and 2 times were stranded. After the ups and downs offset each other, the cumulative increase of standard gasoline is 370 yuan per ton, and the cumulative increase of standard diesel oil is 355 yuan per ton. In terms of price increases, No. 92 gasoline, No. 95 gasoline, and No. 0 diesel rose by 0.29 yuan, 0.31 yuan, and 0.30 yuan per liter compared with the beginning of the year.
Looking ahead, Wang Xueqin, a refined oil analyst at Zhuo Chuang Information, pointed out that the U.S. Energy Information Administration has raised crude oil forecasts for this year and next year, and the weakening of the U.S. dollar has supported prices. The positive factors for crude oil dominate, and short-term oil prices are still dominated by strong fluctuations. The retail price limit of gasoline and diesel is expected to rise for the second consecutive time. The next price adjustment window will open at 24:00 on April 28.