According to the Measures for the Administration of Petroleum Prices, the maximum retail price of domestic gasoline and diesel oil is adjusted every 10 working day according to the change of crude oil price in the international market. How to adjust the price each time mainly depends on the comparison between the international oil price average of 10 working days before the price adjustment and the average of 10 working days before the price adjustment. Comprehensive calculation shows that the average value of the recent 10 working days is still much higher than that of the previous period. Therefore, domestic refined oil prices have been raised.
When the international oil price continues to rise, but it does not exceed $0/30 per barrel, the domestic refined oil price will be adjusted normally according to the mechanism; If it is higher than $0/30 per barrel, appropriate fiscal and taxation policies shall be adopted to ensure the production and supply of refined oil in accordance with the provisions of the Measures for the Administration of Petroleum Prices and the principle of giving consideration to the interests of producers and consumers and maintaining the stable operation of the national economy. Gasoline and diesel prices shall not be raised or lowered in principle.
Earlier, global consumers announced plans to release a record amount of crude oil and petroleum products from strategic reserves, and China continued to take anti-epidemic measures. However, it is not clear whether this can completely offset the reduction in Russian oil supply. On the other hand, India is buying Russian oil at a big discount.
We will wait and see whether the two oil price adjustments in May will go up or down.
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