As of June 24, the change rate of crude oil was -5.33%, and domestic gasoline and diesel prices should be reduced by 280 yuan/ton. This will be the second drop in oil prices this year.

article: Original by Understand Chedi Xing Qiuhong

[Original by Understand Chedi Industry] At 24:00 on June 28, domestic refined oil prices will usher in the 12th round of adjustments this year. As of June 24, the change rate of crude oil was -5.33%, and domestic gasoline and diesel prices should be reduced by 280 yuan/ton. This will be the second drop in oil prices this year.

Crude oil change rate monitoring data table

It is expected that No. 92 gasoline will be reduced by an average of 0.22 yuan/liter; No. 95 gasoline will be reduced by an average of 0.24 yuan/liter; No. 0 diesel oil will be reduced by an average of 0.22 yuan/liter. Calculated based on this adjustment range, car owners will save about 11 yuan by filling up a 50-liter fuel tank.

After the last round of oil price adjustment (at 24:00 on June 14), domestic oil prices once again set a new historical record. The national average price of 92-octane gasoline rose to 9.3 yuan, and the average price of 95-octane gasoline rose to 9.82 yuan. In areas with high oil prices such as Guangdong, Guangxi and Sichuan, No. 95 gasoline will enter the "10 yuan era", and the price of No. 95 gasoline in Hainan Province will even reach 11 yuan.

In 2022, domestic oil prices will show a pattern of “ten increases and one decrease”. Compared with the end of last year, domestic gasoline prices have increased by 2,720 yuan/ton; diesel prices have increased by 2,620 yuan/ton.

In this round of price adjustment cycle, international oil prices have fallen.

In this round of price adjustment cycle, international oil prices have fallen. As of the close of trading on June 25, the price of WTI crude oil futures for August delivery on the New York Mercantile Exchange rose by $3.35, or 3.21%, to close at $107.62 per barrel; the price of Brent crude oil futures for August delivery rose. 3.07 US dollars, an increase of 2.79%, closing at 113.12 US dollars per barrel.

As international disputes continue, the international community mostly maintains a cautious attitude towards the future development trend of the global economy. The sluggish global trade market has reduced the demand for oil in various countries.

Longzhong Information said that this round of international oil price decline is mainly related to the Federal Reserve 's recent interest rate hike 75 basis points. "This base point of interest rate hikes has been a relatively large rate increase in the past 30 years. Overly radical measures have also made the market less confident in the economy, which has also affected the confidence of the commodity crude oil market. ”

The sluggish global trade market has lowered the demand for oil in various countries.

According to Xinhua News Agency report, this 75 basis point interest rate hike is also the Federal Reserve's single largest interest rate hike since 1994, showing the urgency of controlling inflation.

However, some analysts pointed out that in the short term, the probability of substantial growth in crude oil supply is low, while strong overseas peak season demand still provides obvious support to the oil market. Crude oil is expected to maintain its relative strength against other assets amid the recent market ups and downs. Without a breakthrough crude oil production increase policy in the near future, international oil prices are expected to be difficult to effectively fall below US$7,110 during the peak season.