Refined oil prices will rise by 0.2 yuan per liter today

Following a slight upward adjustment on April 11, 2015, domestic gasoline and diesel prices will usher in a more substantial increase. April 24th will usher in a "window" of domestic refined oil price adjustment. The market predicts that due to the overall increase in international crude oil prices during the pricing period, domestic refined oil prices will usher in “two consecutive rises”. After this increase, it is expected that the retail price of gasoline and diesel will rise by around 2 cents per liter.

The price of finished oil rose 300 yuan per ton

The data released by the Xinhua News Agency’s oil price system on April 23 showed that the average price change rate of a basket of crude oil on April 22 was 8.01%. Based on this calculation, domestic gasoline and diesel prices will increase by more than 300 yuan per ton. April 23rd is the ninth working day of this pricing cycle.

During the current price adjustment cycle of refined oil products, under the support of global crude oil demand is expected to improve, US stocks increase less than expected and the situation in the Middle East, especially in Yemen, and other factors, international crude oil prices have been continuously higher, and the international oil price change rate has continued to widen positively.

Since late June last year, domestic gasoline and diesel prices have also ushered in a "thirteen consecutive declines."

Since February of this year, international crude oil prices have been oscillating and volatile. The role of financial speculation in oil price fluctuations has become more prominent. Small changes in the news surface will bring about large-scale fluctuations in international oil prices. “This means that the international oil price is approaching the bottom and gradually stabilizing,” said Niu Li, director of the macro office of the Economic Forecasting Department of the National Information Center. At present, the world economy is still recovering moderately. The pattern of global oil supply exceeding demand has not yet fundamentally changed and the dollar has strengthened. The trend is difficult to reverse. Although the international oil price is stable, there is limited room for short-term recovery.

According to statistics, the average prices of Brent and WTI crude oil in the first quarter of this year were US$55.14 and US$48.57 per barrel, respectively, down 52.73 US dollars and 50 US dollars year-on-year respectively.

The market believes there is greater pressure to continue rising prices

Pan Yanlei, chief executive of the Total Group of a multinational oil company, said that from a historical point of view, international oil prices have their own volatility cycles and will not always go lower. It is expected that global energy demand will still increase by more than 30% in the next 20 years, of which the proportion of new energy will be greatly increased, but the demand for oil will continue to increase, which indicates that international oil prices will not continue to hover at low levels.

Market analysis believes that with the expected increase in the price of refined oil products, the wholesale price of gasoline and diesel will continue to increase, and gasoline resources in some parts of East China and South China will become tense recently. It is expected that after the implementation of the price adjustment, the market will enter the digesting inventory stage in the short term, and there will be greater pressure to continue rising prices.

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