When there is a sharp rise in the overall domestic price level or major emergencies, as well as abnormal fluctuations in oil prices in the international market, it is necessary to regulate the price of refined oil. After being reported to the State Council for approval, the National Development and Reform Commission may suspend, postpone or narrow the price adjustment. After the end of special circumstances, the National Development and Reform Commission reported to the State Council for approval, and the price adjustment of refined oil continued to be implemented in accordance with the rules determined in these Measures.
This situation may continue to exist in the future. If the international crude oil price continues to rise in the future, the adjustment range of domestic refined oil products will definitely be lowered, and in extreme cases, this round of oil price adjustment can even be stopped directly.
Changes in oil prices
In the medium and long term, it is difficult for the Organization of Petroleum Exporting Countries (OPEC) and OPEC+,an ally of oil-producing countries, to have an overly radical production reduction policy. After the Federal Reserve and the Bank of England raised interest rates again, traders were worried about demand pressure, and supply concerns slowed down after the Keystone pipeline was partially reopened. European and American crude oil futures closed down, and Brent crude oil futures, the main reference standard for domestic oil price adjustment, rose for four consecutive days.
The maximum retail price of gasoline and diesel, coupled with the limited increase in the adjustment amount, may have little impact on the terminal retail market in life. However, recently, driven by the peak demand of "Golden September and Silver 10", supported by factors such as low inventory and tight supply, the ex-factory price of refineries has continued to rebound, and the preferential price of the terminal retail market is facing greater tightening.