According to the price monitoring center of the national development and Reform Commission, the international oil price continued to rise during the current round of product oil price adjustment (June 11 to June 25). On average, the price of Brent in London and WTI in New York increased by 4.80% compared with the previous price adjustment cycle. Affected by this, the domestic retail prices of gasoline and diesel increased accordingly.
The price of refined oil rises. It costs 9 yuan more to fill up a tank of oil
CCTV financial reporter learned from the national development and Reform Commission that the specific situation of the oil price adjustment is as follows: the domestic gasoline and diesel prices were increased by 225 yuan and 215 yuan per ton respectively.
The price of 92 gasoline was increased by 0.18 yuan per liter;
19 yuan per liter of 95 gasoline;
No. 0 diesel oil will be increased by 0.18 yuan per liter.
In most areas of China, 92 gasoline also returned to the range of 7 yuan. Take a family car with a 50L fuel tank as an example, it costs 9 yuan more to fill up a tank of 92 gasoline.
Vaccination continues to advance, major economies are recovering, and the market is optimistic about the growth of crude oil demand
During the price adjustment period, the market’s expectation that the supply of crude oil was less than the demand pushed the oil price to a high level in more than two years. Thanks to the continuous promotion of vaccination, the recovery process of major economies is relatively certain, and the market continues to be optimistic about the growth prospects of crude oil demand. The US crude oil inventory has decreased for the fifth consecutive week, to the lowest level since March last year. On the one hand, it confirms that the economic recovery drives the growth of demand, on the other hand, it also shows that the growth of US crude oil production is lower than expected, and there is a gap between production and demand. In addition, the tough stance of the new Iranian government and the difficulty in reaching an agreement in the US Iran nuclear talks in the short term also contributed to the optimism of the market. Affected by the above factors, the international oil price rose to the highest level since October 2018. Specifically, London Brent and New York WTI oil prices rose by 4.31% and 5.30% respectively compared with the previous price adjustment cycle. From the situation in the first half of the year, the production reduction policy implemented by “OPEC +” has supported the oil price. The global economic recovery and the growth of crude oil demand have become the leading factors for the continuous rise of oil price. As of June 23, the oil prices of the two cities have increased by 49% and 56% respectively compared with the beginning of the year.
The price monitoring center of the national development and Reform Commission predicts that there are many uncertain factors in the short term, and the oil price will fluctuate. The upcoming OPEC meeting will discuss the next stage of crude oil production. Whether to expand production and the intensity of expansion will affect oil prices. The new crown mutant strain “delta” has spread to dozens of countries, and the third wave of epidemic prevention and control effect will also have an impact on the trend of oil prices.
List of changes in oil prices during the year: Nine up, one down, two grounded
In 2021, the price adjustment of domestic oil products has shown a pattern of “nine up, one down, two stranded”. As of this price adjustment, the gasoline price has increased by 1405 yuan per ton, and the diesel price has increased by 1355 yuan per ton.
Reprint indicated source：Spark Global Limited information