After the "nine consecutive rises" of refined oil, it will cost about nine yuan to fill up a tank of oil to meet the first drop

The price adjustment window of domestic finished oil is opened again. According to the State Development Reform Commission, according to the recent changes in the oil price in the international market the current mechanism for the formation of the price of finished oil, the domestic prices of steam diesel oil have decreased by 225 yuan 220 yuan per ton respectively since 24:00 on March 31, 2021. This is the sixth price adjustment of refined oil since this year, the first cut since the "nine consecutive increase" since 24:00 on November 19, 2020. After this price adjustment, the price adjustment of finished oil in 2021 presents the pattern of "five rises, one drop, zero grounding".

After the price adjustment was converted into a price increase, 92 gasoline 0 diesel were reduced by 0.18 yuan 0.19 yuan respectively. For an ordinary private car with a tank capacity of 50 liters, the owner will spend about 9 yuan less to fill up a tank. Xu Wenwen, a product oil analyst at Longzhong information, estimates that for vehicles that consume 7 to 8 liters of fuel per 100 km in urban areas, the average fuel cost per 1000 km will be reduced by 13 to 15 yuan; For large logistics vehicles with a full load of 50 tons, the average fuel cost per 1000 km will be reduced by about 76 yuan.

According to the price monitoring center of the national development Reform Commission, the international oil price dropped sharply during the current round of product oil price adjustment (March 17-march 30). On average, the price of Brent in London WTI in New York decreased by 5.81% compared with the previous price adjustment cycle.

During the current cycle, the news of the blockage dredging of the Suez Canal disturbed the operation of oil prices. However, due to the resurgence of the epidemic in Europe, the market's worries about the recovery of economy crude oil demand rose again, oil prices fell under pressure, ending the continuous upward trend since November last year. According to the who, the number of new confirmed cases in the world has increased for five consecutive weeks, the number of new cases critically ill patients in many European countries has reached a new high in the past year, the events suspected of thrombosis caused by vaccine injection are still fermenting, the situation of epidemic prevention control is serious again, the market confidence is obviously frustrated. At the same time, the U.S. crude oil inventory increased significantly, the U.S. dollar index rose to its highest level since November last year, driving oil prices down. On March 18, international oil prices fell by 7%, a larger one-day drop since the second half of last year. Compared with the last price adjustment cycle, the average price of London Brent New York WTI fell by 5.69% 5.93% respectively.

The price monitoring center of the national development Reform Commission predicted that due to the severe situation of overseas epidemic prevention control again, the market's optimistic expectation of global economic recovery has cooled significantly. The US Federal Reserve announced to maintain the target range of the federal funds rate at 0-0.25%, the Bank of England also announced to maintain the current interest rate, which shows to a certain extent that all parties remain vigilant about the epidemic prevention control situation are still cautious about the prospects of global economic recovery. Accordingly, the market speculative funds continue to "do long" mentality has converged, it is expected that the downward pressure on oil prices will increase in the short term. The upcoming "OPEC +" monthly meeting may have a greater impact on the trend of oil prices.

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Source: International Petroleum Network