China’s refined oil prices drop for sixth time this year

China News Service, Beijing, November 12 (Reporter Pang Wuji) China’s refined oil prices have been reduced for the sixth time this year.

China's National Development and Reform Commission reported on the 12th that since the domestic refined oil price adjustment on October 29, crude oil prices in the international market have fluctuated and fallen. The average price in the first 10 working days of this price adjustment was lower than the average price in the 10 working days before the last price adjustment. According to changes in oil prices in the international market, starting from 24:00 on November 12, domestic gasoline and diesel prices will be reduced by RMB 645 and RMB 625 per ton respectively.

Zhuochuang Information analysis pointed out that recently, geopolitical risks in the Middle East have cooled down, expectations for the resumption of negotiations between the United States and Iran have increased, and the risk premium in the crude oil market has gradually subsided, driving international oil prices downward, and ultimately driving down the retail price limit of domestic refined oil products.

This reduction will reduce residents’ travel costs. According to Zhuochuang Information's calculations, after the price adjustment is implemented, car owners who fill up a 50-liter box of No. 92 gasoline will save about 25.5 yuan. Taking a private car that travels 2,000 kilometers per month and consumes 8 liters of fuel per 100 kilometers as an example, the fuel cost can be reduced by about 38 yuan in the next half month.

Xu Wenwen, an analyst at Longzhong Information, said that after this round of price adjustments, the price of vehicle diesel in most areas across the country will drop to 8.2 yuan to 8.4 yuan per liter, and the retail price limit of No. 92 gasoline will drop to 8.1 yuan to 8.2 yuan per liter. In addition to residents traveling, industry insiders said that the reduction in diesel prices will also bring certain cost benefits to industries such as logistics and transportation. However, the impact of changes in refined oil prices on related industries also depends on multiple factors such as transportation demand and operational efficiency.

This is the sixth time China's refined oil prices have been lowered this year. After the price adjustment is implemented, domestic refined oil price adjustments in 2026 will show a pattern of "fourteen increases, six decreases, and two stranded" patterns.

Looking forward to the market outlook, Longzhong Information believes that the decline in international oil prices in the second half of this price adjustment cycle will gradually be reflected in the next round of price adjustments. At the same time, there are no signs of resumption of large-scale conflict between the United States and Iran in the short term. Global crude oil supply has recovered to some extent, and supply risk concerns have eased compared to before. Taken together, the next round of refined oil price cuts is more likely. According to the current refined oil price adjustment mechanism, the next round of price adjustment window will open at 24:00 on November 26.