Domestic fuel prices are set to undergo another adjustment in just two days. According to the pricing rules for refined oil products, the next price change will take effect at 24:00 on September 24. Due to the sharp rise in international oil prices in the early part of last week, the expected increase for this round of price adjustments had surged to 635 yuan per ton by last Wednesday. Fortunately, international oil prices have since reversed course and declined, with a significant drop registered at the close of trading this morning.
U.S. crude oil prices fell to $95.78 per barrel, down 4.51%, while Brent crude dropped to $100.34 per barrel, a decline of 3.40%. International oil prices have now fallen for four consecutive sessions, which has helped trim the expected increase by another 40 yuan per ton today. Over the past five sessions, the projected price hike has cooled off by a total of 95 yuan per ton.
The second adjustment of September will take place on Thursday evening at 24:00. Although the consecutive declines in international oil prices have reduced the expected increase somewhat, the current change rate for international crude oil still stands at a high 9.32%. The projected rise remains at 540 yuan per ton. Based on this anticipated increase, gasoline and diesel prices are expected to climb by 0.41 yuan to 0.49 yuan per liter.
Looking back at this year's adjustment history, 18 of the 25 planned adjustment windows have already been concluded, with the trend showing more increases than decreases: 12 hikes, 1 hold, and 5 cuts. In cumulative terms, gasoline and diesel prices have risen by 1,980 yuan per ton and 1,905 yuan per ton, respectively, translating to an increase of 1.58 to 1.69 yuan per liter. For a standard 50-liter tank, filling up now costs 79 to 85 yuan more than it did at the start of the year.
The recent plunge in international oil prices stems from eased concerns over geopolitical conflicts in the Middle East. As trading began for the new week, oil prices weakened, with losses accelerating during trading on the 21st. At the close, international crude futures saw significant declines. On that day, light crude oil futures for October delivery on the New York Mercantile Exchange fell by $4.52 to settle at $95.78 per barrel, a drop of 4.51%. Meanwhile, Brent crude futures for November delivery on the London exchange declined by $3.53 to close at $100.34 per barrel, a decrease of 3.4%.
According to reports from Iranian officials, the Iranian president's office announced on the 21st that President Pezeshkian would depart for the United States on the 22nd to attend the United Nations General Assembly. Additionally, Fox News reported on the 20th that U.S. President Trump stated during a phone interview that the United States has maintained communication with Yemen's Houthi forces, who have agreed not to engage in conflict with America. Trump also hinted that he might be open to meeting with Iranian President Pezeshkian during the UN General Assembly in New York.
The final outcome of this round of fuel price adjustments will be subject to the official announcement from the National Development and Reform Commission.