The biggest drop in domestic oil prices during the year is 92# gasoline returned to 7 Yuan era

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 The biggest drop in domestic oil prices during the year is 92# gasoline returned to 7 Yuan era

China new net client Beijing, November 2, a new round of domestic oil price adjustment window will open at 24 oclock in November 2nd. Institutions forecast that oil prices will usher in the largest decline in the year, ending the previous four consecutive rises, with a reduction of 330-340 yuan per ton, and 9265507

In this valuation cycle, international oil prices have shown a downward trend, with the largest one-month decline in more than two years in October.

Xue Shan, an oil product analyst at Zhuochuang Information, said that under the background of uncertain situation in Iran, Saudi Arabia and Russia increased their horsepower to increase production, and market fears of supply disruption were gradually offset by increased production. Over the same period, U.S. crude oil inventories grew faster than expected. Investors feared that the crude oil market would oversupply, coupled with a general downturn in global stock markets. As a result, international oil prices are dismal.

Both Longzhong Information and Yueyu Information forecast that the domestic gasoline and diesel prices will fall by about 330 yuan/ton at 24pm on November 2. Zhuo Chuang estimates that the corresponding price of gasoline and diesel oil will be reduced by 340 yuan/ton, while 92 # gasoline will be reduced by 0.27 yuan/liter and 0 # diesel by 0.29 yuan/liter.

Yang Xiaofen, an information analyst at Zhongyu, said that at present, the price of 0# diesel oil in China is below 8 yuan. Except for Hubei, Hainan, Chongqing, Guangdong and Guangxi, the price of 92# gasoline is higher than 8.0 yuan per liter. Other places have not broken through this threshold. If the 2 day oil price reduction is implemented, the domestic 92# gasoline price will return to 7 yuan in a unified way.

Photo: taxi running on the street. Jin Shuo

According to Longzhong information monitoring, at present, the preferential margin of Sinopec and other main stations is more than 0.5-0.7 yuan/liter, and that of private gas stations is more than 0.5-1.2 yuan/liter. In addition, some private gas stations can offer preferential margin of 1.5-1.8 yuan/liter on specific dates (such as Tuesday every week), and some main gas stations can offer preferential margin of 0.8-1 yuan/liter on specific dates.

Since 2018, the retail price of domestic refined oil has undergone 21 rounds of price adjustment. Only one round of price adjustment has stalled, with 13 increases and 7 decreases. The cumulative increase of 92# gasoline and 0# diesel has been 1.09 yuan/liter and 1.18 yuan/liter respectively.

The next round of oil price adjustment window will open at 24:00 on November 16. Li Yan, an oil product analyst at Longzhong Information, said that the international crude oil market is weakening at present, and the next round of oil product price adjustment is likely to fall or run aground.

Xu Lei, an information analyst at Zhongyu, believes that the impact of the rebound in the US dollar and the rise in Russian production to the highest level since 1991 on international oil prices has expanded, and that the strong growth in crude oil inventories may keep international oil prices down.

Xue Shan also pointed out that gasoline demand entered the off-season in the latter period, and prices entered the downward channel or normalized. Although diesel is in the traditional peak demand season, downstream users still have strong bearish sentiment, and all adopt low inventory operation mode. Recently, domestic gasoline and diesel prices are in decline.

Source: China News Network Editor: Cheng Chun Yu responsible editor: Ji Ke _b6492