Domestic refined oil retail price cap may see first drop since late August

(1) During this pricing cycle, the conclusion of the U.S. midterm elections and the easing of tensions in the Middle East, combined with positive developments in U.S.-Iran negotiations, led to a significant decline in international crude oil prices. This caused the domestic crude oil price change rate to shift from positive to negative; at 24:00 on November 12, domestic refined oil retail prices may see their first decrease since late August.(2) As of the 9th working day on November 10, the reference crude oil price change rate was -9.28%, and gasoline and diesel prices are expected to drop by 410 yuan/ton. This equates to a decrease of about 0.3 yuan per liter for 92# gasoline and 0# diesel, saving approximately 15 yuan for a full 50-liter tank of 92# gasoline. With only one working day left until the pricing window, this decrease is now highly probable.(3) Over the next half month (from 24:00 on November 12 to 24:00 on November 26), fuel costs for private driving and logistics transportation may decrease.