China Cuts Refined Oil Prices for Second Time This Year

China News Service, Beijing, June 4th: China’s refined oil prices have been reduced for the second time this year.

China's National Development and Reform Commission reported on the 4th that since the price adjustment of domestic refined oil products on May 21, the price of crude oil in the international market has rebounded in recent days after the shock and decline. The average price in the first 10 working days of this price adjustment was lower than the average price of the 10 working days before the last price adjustment. According to changes in oil prices in the international market, starting from 24:00 on June 4, domestic gasoline and diesel prices will be reduced by 525 yuan (RMB, the same below) and 505 yuan per ton respectively.

Equivalent to a price increase, No. 92 gasoline, No. 95 gasoline, and No. 0 diesel are reduced by 0.41 yuan, 0.44 yuan, and 0.43 yuan per liter respectively. This is the second time China’s refined oil prices have been cut this year.

After the price adjustment is implemented, consumers' oil costs will be reduced. Cao Yingying, refined oil analyst at Zhuochuang Information, said that filling up a tank of No. 92 gasoline for a small private car with a fuel tank capacity of 50 liters will cost 20.5 yuan less than before.

Taking a small private car with a monthly mileage of 2,000 kilometers and a fuel consumption of 8 liters per 100 kilometers as an example, consumers' fuel costs will be reduced by 31 yuan before the next price adjustment window opens (24:00 on June 18).

Expenditure costs in the logistics industry have also decreased. Taking a heavy-duty truck with a monthly mileage of 10,000 kilometers and a fuel consumption of 38 liters per 100 kilometers as an example, the fuel cost of a single vehicle will be reduced by about 763 yuan in the next half month.

Longzhong Information analyst Xu Wenwen said that after this round of price adjustments, the price of vehicle diesel in most areas across the country will drop to 8.1 yuan to 8.3 yuan per liter, and the retail price limit of No. 92 gasoline will drop to 8.2 yuan to 8.3 yuan per liter.

After this price adjustment is implemented, China's refined oil price adjustments in 2026 will show a pattern of "eight increases, two decreases, and one stranded". (over)