People’s Daily Beijing, November 7 (reporter Du Yanfei) The National Development and Reform Commission issued a notice on the 7th that according to the recent international market oil price changes, according to the current refined oil price formation mechanism, since 24 o ‘clock on November 7, 2023, domestic gasoline and diesel prices per ton were reduced by 140 yuan and 135 yuan. Equivalent to the rising price, the national average, 92 gasoline per liter down 0.11 yuan, 95 gasoline per liter down 0.12 yuan, 0 diesel per liter down 0.11 yuan
At this point, domestic refined oil prices ushered in the year “three consecutive declines.” With a small private car with a fuel tank capacity of 50 litres, the owner of a full tank of 92 petrol will spend 5.5 yuan less. After the oil price reduction, the adjustment of domestic refined oil prices this year showed a pattern of “10 up 9 down 3 stranded”.
According to the National Development and Reform Commission price monitoring center monitoring, the current round of refined oil price adjustment cycle (October 24 – November 6) international oil prices fell. On average, London Brent and New York WTI oil prices are down 3.57% from the previous cycle.
The next round of domestic refined oil price adjustment window will be opened at 24:00 on November 21, 2023. In this regard, Longzhong Information analyst Li Yan said that at the current level of international crude oil prices, the next round of refined oil prices will show a downward trend. At present, there is no sign of further deterioration in the geopolitical situation, the global economic performance is still poor, the prospect of crude oil demand is suppressed, and the probability of the next round of refined oil price adjustment is expected to be greater.
Zhuo Chuang information refined oil analyst Gao Qingcui believes that the Federal Reserve’s interest rate meeting is basically in line with market expectations, and the macro disturbance has declined after suspending interest rate hikes, but the geopolitical risk tension has not been eased, the market is still cautious, and international oil prices or maintain volatility.
“Due to the recent volatility of crude oil prices, after entering a new round of refined oil pricing cycle, the rate of change of crude oil still maintains a negative range fluctuation. In the short term, there is still downward pressure on international crude oil prices, and the probability of the next round of refined oil prices falling is relatively high.” Wang Yanting, senior analyst of refined oil products, said.
The Price Monitoring Center of the National Development and Reform Commission expects that in the short term, oil prices may be range-bound. On the one hand, the Israeli-Palestinian conflict is still ongoing, and Saudi Arabia and Russia have extended voluntary additional production cuts until the end of the year, which has some support for oil prices. On the other hand, in order to ease inflationary pressure, major developed economies such as the United States and Europe will maintain tight monetary policies for a long time, and high interest rates and high inflation will exacerbate the risk of global economic recession, which will inhibit the growth of crude oil demand and the rise of oil prices.