The eighth oil price hike of the year is expected to come into effect today, marking a shift from the previous three consecutive decreases in domestic fuel prices. According to analyses by several independent monitoring agencies, this adjustment will bring about two consecutive increases, signaling a new phase in the fluctuating pricing landscape. The estimated increase is around 100 RMB per ton, which translates to approximately 0.07 RMB per liter for 90# gasoline and 0.08 RMB per liter for 0# diesel.
This comes after the National Development and Reform Commission adjusted the retail price limits for refined oil products on November 28th. Since then, international oil prices have shown a steady upward trend. The WTI crude oil price has risen for five consecutive sessions, with a total increase of $4.94 per barrel. As of December 10, the January 2014 WTI futures closed at $98.51 per barrel, while Brent crude for the same month ended at $109.38 per barrel.
Although the official announcement hasn’t been made yet, the market has already started reacting. Hu Huichun, speaking to the *Economic Information Daily*, noted that current gasoline and diesel prices at major state-owned companies like PetroChina and Sinopec are approaching record highs.
In the short term, there may still be a tight supply of diesel in the domestic market. With most of the annual support tasks completed, an upcoming price hike could trigger a surge in demand. In the medium to long term, as more resources become available, some high-priced regions might see slight corrections. Analysts suggest that the turning point in oil price trends could occur by the end of the month.
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