China's Refined Oil Retail Prices to Adjust Again on July 3

en.Wedoany.com Reported - The price of light crude oil futures for August delivery on the New York Mercantile Exchange fell to $68.22 per barrel during trading on July 1, hitting a new low since February 27.

According to a report by Zhongxin Jingwei, in line with China's refined oil price adjustment cycle, the 13th round of price adjustment will take effect at 24:00 on July 3.

As reported by Dazhong Daily, the decline in oil prices has continued to widen during this cycle, deepening for six consecutive days from an initial drop of over 0.4 yuan to the current level exceeding 0.65 yuan. The trend of a significant reduction is largely irreversible, and Friday evening may see the first three consecutive price cuts in oil prices this year, marking the fourth reduction this year.

Based on calculations as of the seventh working day: gasoline is expected to be reduced by 820 yuan per ton, and diesel by 790 yuan per ton. Converted to retail unit prices: No. 92 gasoline is expected to drop by 0.66 yuan per liter, No. 95 gasoline by 0.70 yuan per liter, and No. 0 diesel by 0.68 yuan per liter.

Reference current market oil prices: No. 92 gasoline at 7.92 yuan per liter, No. 95 gasoline at 8.46 yuan per liter, and No. 0 diesel at 7.58 yuan per liter.

The first two rounds of adjustments in June have already achieved two consecutive cuts, with gasoline and diesel cumulatively reduced by 1,040 yuan per ton and 1,000 yuan per ton respectively, equivalent to a cumulative price drop of 0.84 to 0.89 yuan per liter. No. 92 gasoline has fallen below 8 yuan, returning to the 7 yuan range. After this round of reductions is implemented, national No. 95 gasoline may also fall below 8 yuan, entering the 7 yuan era once again.