The "eighth rise" in the price of refined oil this year cost an extra 2 yuan to fill a tank of oil.-Shanghai Metals Market

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The "eighth rise" in the price of refined oil this year cost an extra 2 yuan to fill a tank of oil.

Translation 04:55:52PM May 27, 2019 Source:CCTV Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: according to the National Development and Reform Commission, a new round of refined oil price adjustment window will open at 24:00 today (May 27).

According to the price monitoring center of the National Development and Reform Commission, during the price adjustment cycle of this round of refined oil products (May 13-May 24), international oil prices first rose and then fell, and there was little change compared with the previous price adjustment cycle. Although international oil prices in dollar terms have changed slightly, domestic gasoline and diesel retail prices will continue to rise slightly, taking into account the depreciation of the renminbi against the dollar over the same period.

The "eighth rise" in the price of refined oil this year cost an extra 2 yuan to fill a tank of oil.

According to the National Development and Reform Commission, the specific conditions of the oil price adjustment are as follows: gasoline and diesel oil will be increased by 50 yuan per ton.

The national average: No. 92 gasoline, No. 95 gasoline, No. 0 diesel per liter are increased by 0. 04 yuan.

CCTV financial reporter calculated an account for you, according to the general household car fuel tank 50L capacity estimate, fill up a carton of 92 gasoline, will cost 2 yuan more. This price adjustment is the eighth increase in the domestic oil product price adjustment window in 2019. According to a comprehensive calculation, since the beginning of this year, No. 92 gasoline has increased by 0.83 yuan per liter, filling up a carton of No. 92 gasoline according to the 50L capacity estimate of the fuel tank of ordinary household cars. It will cost 41.5 yuan more than at the end of last year.

One of the important factors in the slight increase of Oil Price in the cost of Foreign Exchange fluctuation

During the price adjustment cycle of the current round of refined oil products, the international oil price first rose and then fell, which has little change compared with the previous price adjustment cycle. Although international oil prices in dollar terms have changed slightly, domestic gasoline and diesel retail prices will continue to rise slightly, taking into account the depreciation of the renminbi against the dollar over the same period.

In the price adjustment cycle, multiple factors affect oil prices fluctuate frequently at the current level.

At the beginning of the period, tensions between the United States and Iraq and disruptions in shipping supplies in the Middle East jointly pushed up oil prices.

Subsequently, due to the rise in US crude oil stocks, the intensification of Sino-US trade disputes, the expected decline in crude oil demand and other factors, international oil prices rose and fell. As of May 17, US crude stocks continued to grow faster than expected, rising to 477 million barrels, the highest level since July 2017.

The lower-than-expected latest economic data, such as the US-US trade stalemate and the US and Europe, have heightened concerns about global economic growth and falling demand for crude oil. Among them, the US manufacturing PMI index fell to 50.6 in May, the lowest since September 2009.

At present, the price of oil in Brent in London and WTI in New York has fallen back to $68 and $58 a barrel, equivalent to the level at the end of March this year.

The Price Monitoring Center of the National Development and Reform Commission estimates that OPEC production policy and the geopolitical situation in the Middle East are the main factors affecting the follow-up trend of international oil prices.

The Trump administration has repeatedly put pressure on OPEC to increase production. Saudi Arabia's latest data also show that its crude oil exports rose in March from the previous period. Therefore, after the end of the current round of production cuts in June, there is greater uncertainty as to whether OPEC can continue to cut production or turn to increase production under pressure from the United States. Recently, the geopolitical tensions in the Middle East, which is dominated by the dispute between the United States and Iraq, have an increasing trend, and if they worsen further, they may lead to another sharp rise in oil prices in the short term.

An overview of changes in oil prices during the year: eight ups and downs

In 2019, the price adjustment of domestic oil products has shown a pattern of "eight rises and one fall and one aground". As of this time, gasoline prices have risen by 1075 yuan per ton and diesel prices by 1035 yuan per ton.

 

Key Words:  Refined oil  crude oil  oil price  gasoline 

The "eighth rise" in the price of refined oil this year cost an extra 2 yuan to fill a tank of oil.

Translation 04:55:52PM May 27, 2019 Source:CCTV Finance and Economics
The content below was translated by Tencent automatically for reference.

SMM News: according to the National Development and Reform Commission, a new round of refined oil price adjustment window will open at 24:00 today (May 27).

According to the price monitoring center of the National Development and Reform Commission, during the price adjustment cycle of this round of refined oil products (May 13-May 24), international oil prices first rose and then fell, and there was little change compared with the previous price adjustment cycle. Although international oil prices in dollar terms have changed slightly, domestic gasoline and diesel retail prices will continue to rise slightly, taking into account the depreciation of the renminbi against the dollar over the same period.

The "eighth rise" in the price of refined oil this year cost an extra 2 yuan to fill a tank of oil.

According to the National Development and Reform Commission, the specific conditions of the oil price adjustment are as follows: gasoline and diesel oil will be increased by 50 yuan per ton.

The national average: No. 92 gasoline, No. 95 gasoline, No. 0 diesel per liter are increased by 0. 04 yuan.

CCTV financial reporter calculated an account for you, according to the general household car fuel tank 50L capacity estimate, fill up a carton of 92 gasoline, will cost 2 yuan more. This price adjustment is the eighth increase in the domestic oil product price adjustment window in 2019. According to a comprehensive calculation, since the beginning of this year, No. 92 gasoline has increased by 0.83 yuan per liter, filling up a carton of No. 92 gasoline according to the 50L capacity estimate of the fuel tank of ordinary household cars. It will cost 41.5 yuan more than at the end of last year.

One of the important factors in the slight increase of Oil Price in the cost of Foreign Exchange fluctuation

During the price adjustment cycle of the current round of refined oil products, the international oil price first rose and then fell, which has little change compared with the previous price adjustment cycle. Although international oil prices in dollar terms have changed slightly, domestic gasoline and diesel retail prices will continue to rise slightly, taking into account the depreciation of the renminbi against the dollar over the same period.

In the price adjustment cycle, multiple factors affect oil prices fluctuate frequently at the current level.

At the beginning of the period, tensions between the United States and Iraq and disruptions in shipping supplies in the Middle East jointly pushed up oil prices.

Subsequently, due to the rise in US crude oil stocks, the intensification of Sino-US trade disputes, the expected decline in crude oil demand and other factors, international oil prices rose and fell. As of May 17, US crude stocks continued to grow faster than expected, rising to 477 million barrels, the highest level since July 2017.

The lower-than-expected latest economic data, such as the US-US trade stalemate and the US and Europe, have heightened concerns about global economic growth and falling demand for crude oil. Among them, the US manufacturing PMI index fell to 50.6 in May, the lowest since September 2009.

At present, the price of oil in Brent in London and WTI in New York has fallen back to $68 and $58 a barrel, equivalent to the level at the end of March this year.

The Price Monitoring Center of the National Development and Reform Commission estimates that OPEC production policy and the geopolitical situation in the Middle East are the main factors affecting the follow-up trend of international oil prices.

The Trump administration has repeatedly put pressure on OPEC to increase production. Saudi Arabia's latest data also show that its crude oil exports rose in March from the previous period. Therefore, after the end of the current round of production cuts in June, there is greater uncertainty as to whether OPEC can continue to cut production or turn to increase production under pressure from the United States. Recently, the geopolitical tensions in the Middle East, which is dominated by the dispute between the United States and Iraq, have an increasing trend, and if they worsen further, they may lead to another sharp rise in oil prices in the short term.

An overview of changes in oil prices during the year: eight ups and downs

In 2019, the price adjustment of domestic oil products has shown a pattern of "eight rises and one fall and one aground". As of this time, gasoline prices have risen by 1075 yuan per ton and diesel prices by 1035 yuan per ton.

 

Key Words:  Refined oil  crude oil  oil price  gasoline