2022年1月20日

China’s oil prices rise for the ninth consecutive year

China News Service, Beijing, March 17 (reporter Pang Wuji) China’s finished oil prices ushered in the “ninth consecutive rise”.

China has raised gasoline and diesel prices by 235 yuan and 230 yuan per ton, respectively, from 24 PM on March 17, according to the National Development and Reform Commission (NDRC). This is the “ninth consecutive increase” in the oil price of finished products since November 19, 2020, and the first “ninth consecutive increase” since the implementation of the new pricing mechanism for refined oil products in March 2013.

After the implementation of the price adjustment, equivalent to the price rise, the national average, 92 gasoline and 0 diesel per liter will be raised 0.18 yuan and 0.20 yuan respectively. No. 95 gasoline in China will fully return to the “7 yuan era” per liter.

According to the calculation, after the implementation of the “nine consecutive increases”, the cumulative increase rates of gasoline and diesel reached 1,675 yuan and 1,615 yuan per ton, respectively. When converted into the increase price, the 92 gasoline and 0 diesel were respectively increased by 1.32 yuan and 1.37 yuan.

Zhang Jinyi, a refined oil analyst from Zhuochuang Information, pointed out that after the implementation of this round of domestic refined oil retail price hike policy, consumer travel costs will continue to increase.

Take a family car with a fuel tank capacity of 50L as an example, filling up a tank of No. 92 gasoline will increase by about 9 yuan compared with before, which will cost about 66 yuan more than before the “nine consecutive increases”. For example, a small private car with a monthly mileage of 2,000 kilometers and a fuel consumption of 8L for 100 kilometers will increase its fuel cost by about 14.4 yuan until the next price adjustment window opens (24:00 on March 31, 2021).

Logistics industry expenditure cost will also have the phenomenon of rising. Taking the Steyr heavy truck, which runs 10,000 kilometers and consumes 38L fuel per hundred kilometers per month, as an example, after the price adjustment, the fuel cost of a single vehicle will increase by about 380 yuan.

Zhuochuang information analysis believes that the recent, the international crude oil market prices for several consecutive days, but the overall range is not too big, still did not cut back the previous good gains completed, which shows the current market optimism and relatively healthy fundamental situation.

Zhang believes that the bottom support of crude oil price is strong because the “OPEC +” meeting discussion result is to extend the previous production cut agreement to April. According to the model, the new pricing cycle of oil price is still expected to increase, or will set a record of “ten consecutive rises”. However, the current oil market volatility, crude oil prices are still a certain uncertainty. (after)

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