The retail price limit of domestic refined oil products may face another reduction. As of the 8th working day of this round of refined oil pricing cycle, the average price of reference crude oil varieties is 88.85 US dollars per barrel, with a change rate of -6.31%. The corresponding domestic retail price of gasoline and diesel should be reduced by 290 yuan/ton, which translates into a price increase of approximately 0.21-0.24 yuan/liter. This round of domestic refined oil price adjustment window will mean that the price of refined oil may usher in the "seventh decline" this year, when the travel costs of the majority of car owners will be further reduced. Developed economies have begun a cycle of "aggressive interest rate hikes" and even "profiteering interest rate hikes". Market panic has intensified, crude oil futures selling has accelerated, and oil prices have fallen sharply. The U.S. dollar index hitting a 20-year high also put pressure on crude oil prices, with London Brent crude oil futures once falling below $90 a barrel. The average prices of London Brent oil and New York WTI oil fell by 6.77% and 6.07% respectively compared with the previous adjustment cycle.

Looking ahead to the market outlook, oil prices may become more volatile in the short term, and the possibility of continued decline cannot be ruled out. Oil prices have been weighed down by worries that sharp interest rate hikes will harm the global economy and crude demand growth. U.S. crude oil and refined oil inventories increased and the company announced an extension of its strategic petroleum reserve release plan. However, the main uncertainty in oil prices remains the game between the West and the United States, Russia and other oil-producing countries, which may trigger a new European energy crisis and further divide the global crude oil market. On the 8th working day of this round of refined oil pricing cycle, the average price of reference crude oil varieties was US$88.85/barrel, with a change rate of -6.31%. The corresponding domestic retail prices of gasoline and diesel should be reduced by 290 yuan/ton, which is expected to be reduced by 0.21-0.24 yuan/liter after price increases.

The adjustment of domestic refined oil products is mainly based on the change rate of the weighted average price of international crude oil prices for 10 working days and the weighted average price of international crude oil prices in the previous cycle. According to the ten-working-day price adjustment principle for domestic gasoline and diesel retail prices, if the refined oil price policy is implemented, this will be the seventh reduction this year. Concerns about a global economic slowdown have weighed on oil prices, with investors worried that rising interest rates and inflation concerns would undermine energy demand. The dollar is already at its highest level in nearly 20 years, boosted by bets that the Federal Reserve will raise interest rates sharply again, adding to the negative pressure on oil prices.