At 24:00 on March 28, the time window for price adjustment of my country’s refined oil products will arrive. The recent rise in U.S. crude oil inventories and production has weighed on the market, and international oil prices have hit a new low. Many institutions believe that my country's refined oil prices will usher in a "second consecutive decline" and may hit the largest decline this year.

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my country's "Measures for the Administration of Petroleum Prices" stipulates that domestic gasoline and diesel prices are adjusted every 10 working days based on changes in crude oil prices in the international market, and the price adjustment takes effect on Release date 24:00. When the price adjustment range is lower than 50 yuan per ton, no adjustment will be made, and it will be included in the next price adjustment to be accumulated or offset.

International oil prices are the benchmark for price adjustments of my country’s refined oil products. Since March, the stalemate in international oil prices has been broken and has embarked on a downward path. Since March, Brent crude oil futures prices have fallen by 11.2%, and New York crude oil futures prices have fallen by 8.6%. During this round of refined oil price adjustment cycles, New York crude oil prices have never returned above US$50 per barrel, and Brent oil prices have also fallen below US$51 per barrel. Both international benchmark oil prices have hit new year lows.

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According to industry experts, the recent rapid recovery of the U.S. shale oil industry, rising crude oil inventories, and the Federal Reserve’s renewed interest rate hikes have led to a decline in the international oil market. Bad news abounds.

Baker Hughes, an American oilfield technical services company, released data showing that as of the week of March 24, the number of oilfield drilling rigs operating in the United States reached 652. This data has increased for ten consecutive weeks and doubled in the past 10 months. In May last year, the number of operating oil rigs in the United States dropped to 316.

The industry is optimistic about the current recovery momentum of U.S. shale oil. The U.S. Energy Information Administration predicts that U.S. crude oil production is expected to reach 9.2 million barrels per day in 2017 and increase to 9.6 million barrels per day in 2018. At the same time, U.S. commercial crude oil inventories have been rising recently, reaching a record high.