At 24:00 on December 19, a new round of domestic refined oil price adjustment window will open. This round of price adjustments will be the "last adjustment" of domestic oil prices in 2022. Following the last round of "two consecutive declines" in refined oil prices, institutions predict that this round of refined oil prices may continue to fall, and domestic oil prices will show a "three consecutive declines" by the end of the year.

Data map: Gas station. Photo by Ge Cheng of China News Finance
Jin Lianchuang refined oil analyst Jiang Na said that recently, crude oil futures once experienced a "sixth consecutive decline" due to multiple negative factors such as investors' concerns about the continuation of the Federal Reserve's aggressive policy of raising interest rates, the reduction of energy demand expectations by the U.S. Energy Information Administration (EIA), and the increase in refined oil inventories. "As of December 16, there is only one working day left before the price adjustment window. The impact of crude oil trend fluctuations on the final price adjustment results has weakened, and this round of wide retail price reductions has almost become a foregone conclusion." The agency estimates that as of December 16, this round of refined oil price adjustment cycle will On the ninth working day, the average price of the reference crude oil variety was US$76.76 per barrel, with a change rate of -6.84%. It is expected that domestic gasoline and diesel will be reduced by approximately 460 yuan per ton, which is equivalent to a decrease of 0.34-0.38 yuan per liter of gasoline and diesel.

Previous price adjustments of domestic refined oil products in 2022. (Data source: National Development and Reform Commission)
Zhuochuang Information refined oil analyst Zheng Mingya believes that the market's concerns about the risk of economic recession have increased, and the Keystone pipeline, the "main artery" of the U.S.-Canada oil pipeline, has been gradually restored, putting pressure on international crude oil prices. Therefore, there is a possibility of a downward adjustment in domestic refined oil prices in the next round of price adjustments. "Looking next week, international oil prices may fluctuate widely." Jiang Na believes that in the medium to long term, China's energy demand is expected to improve. The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) both expect global energy demand to grow in 2023, and crude oil futures may experience "three consecutive rises" in the future.
( China News Network )