Text: Understanding Chedi Original Xing Qiuhong [Understanding Chedi Original Industry] At 24:00 on June 28, domestic refined oil prices will usher in the 12th round of adjustments this year. According to the website of the National Development and Reform Commission, domestic gas

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. According to the website of the National Development and Reform Commission, domestic gasoline and diesel prices have been reduced by 320 yuan and 310 yuan per ton respectively. This is the second time this year that domestic oil prices have fallen.

Domestic oil prices ushered in the second drop of the year.

Converted into price increases, No. 92 gasoline will drop by 0.25 yuan, No. 95 gasoline will drop by 0.27 yuan, and No. 0 diesel will drop by 0.26 yuan. For private cars, based on the estimated capacity of a typical fuel tank of 50 liters, it will cost 12.5 yuan less to fill up a tank of No. 92 gasoline after June 28.

In 2022, domestic oil prices will show a pattern of “ten rises and two falls”. Compared with the end of last year, domestic gasoline prices have increased by 2,400 yuan/ton; diesel prices have increased by 2,310 yuan/ton.

Although oil prices have fallen this time, domestic oil prices are still at a high level. On a national average, the price of 92-octane gasoline remains above 9 yuan, and the price of 95-octane gasoline also remains at 9.5 yuan.

Domestic oil prices are still at a high level.

In terms of international oil prices, during this round of price adjustment cycles, international oil prices fell below US$120/barrel, but rebounded on June 27. As of the close of trading on June 27, the price of light crude oil futures for August delivery on the New York Mercantile Exchange closed at US$109.57 per barrel; the price of London Brent crude oil futures for August delivery closed at US$115.09 per barrel.

According to Reuters report, the G7 summit held in Germany from June 26 to 28 will discuss limiting the price of Russian oil exports to further put pressure on Russia.

reported that the G7 is determined to increase pressure on Russia without stimulating the already soaring inflation, which has already had an impact on the global economy.

Supply concerns are likely to persist in the coming months

Phil Flynn, senior market analyst at Price Futures Group in the United States, said that it is ridiculous for the Group of Seven to try to limit the price of Russian oil exports, and any attempt to impose price limits will will eventually lead to supply shortages.

Moreover, summer is already the peak season for crude oil demand, OPEC (Organization of the Petroleum Exporting Countries) production capacity has reached its limit, and supply concerns may continue to exist in the coming months.