Core Viewpoint - The upcoming adjustment of domestic fuel prices is expected to result in an increase, with predictions suggesting a rise of approximately 50 yuan per ton, influenced by a minimal price difference of just 10 yuan per ton [1][2]. Price Fluctuation Overview - The oil price trend in 2024 has been characterized as a "roller coaster," with a total of 6 price increases and 7 decreases, leading to an overall decline of about 400 yuan per ton [2][3]. - The year began with a slight increase in fuel prices, followed by a significant spike in mid-January, and then a series of declines starting in February, with the largest drop being 0.48 yuan per liter [3][5]. Recent Trends - In June, there were two quiet price increases, setting the stage for further fluctuations in the second half of the year [5]. - July and August saw a period of relative stability with slight decreases in prices, providing a brief respite for consumers [6]. International Market Influence - The direction of domestic fuel price adjustments is heavily influenced by international oil market dynamics, which have recently shown unexpected trends, including a slight decline in oil prices despite favorable news such as the Federal Reserve's interest rate cuts [8]. - Current regional price disparities are notable, with prices for 92-octane gasoline reaching 8.23 yuan per liter in Hainan, while in regions like Xinjiang and Ningxia, prices are below 7.1 yuan per liter [8]. Consumer Impact - The fluctuations in oil prices are not merely numerical; they significantly affect daily commuting costs and travel plans for consumers, making the cumulative costs of fuel a substantial expense for many households [9]. - The phenomenon of prices rising quickly but not falling at the same pace raises questions among consumers regarding the pricing mechanisms in place [10].

Group 1 - The next round of oil price adjustment will open on September 23 at 24:00, with the 19th round for 2025 [1] - Current international oil prices are roughly in line with the average price of crude oil during the cycle, indicating potential for domestic price adjustments [1] - If international oil prices continue to decline, there may be a chance for domestic oil prices to decrease; conversely, if prices rise, the extent of domestic price reductions will narrow [1] - The previous round of price stabilization resulted in a 40 yuan/ton increase, suggesting a high probability of price hikes in the upcoming adjustment, potentially marking the seventh increase this year [1]

Core Points - International oil prices experienced a slight decline due to geopolitical conflicts and weak U.S. crude oil demand, despite the potential economic stimulus from the Federal Reserve's interest rate cuts [1] - As of the latest close, light crude oil futures for October delivery on the New York Mercantile Exchange settled at $63.57 per barrel, reflecting a decrease of 0.75%, while November Brent crude futures closed at $67.44 per barrel, also down by 0.75% [1] - Following a price adjustment last week, oil prices have been in a downward trend for nearly nine months this year, with an overall decline exceeding 30 cents per liter [1] - The next round of domestic oil price adjustments is scheduled for September 23, just before the National Day holiday, with expectations of a potential price increase despite the current downward trend [1]

Core Viewpoint - The upcoming oil price adjustment on September 23 may be suspended due to insufficient changes in international oil prices, which have experienced significant volatility recently [1][5]. Price Trends - Domestic oil prices have been adjusted downwards seven times this year, with a total reduction of 405 CNY per ton, leading to 92 gasoline prices returning to the "7 CNY era" in many regions [3][12]. - In Guangzhou, the current prices are 7.13 CNY per liter for 92 gasoline, 7.73 CNY for 95 gasoline, and 6.46 CNY for 0 diesel [3]. Regional Price Variations - There are notable regional differences in oil prices across China, with the southwestern regions generally higher than the eastern regions. Hainan province has the highest prices, with 92 gasoline at 8.23 CNY per liter in Haikou [4][12]. Factors Influencing Price Adjustments - The National Development and Reform Commission's pricing mechanism states that if the international oil price changes by less than 50 CNY per ton, the adjustment will be suspended. Currently, the expected reduction is only 10 CNY per ton, well below the threshold [5]. - Recent international oil price fluctuations were influenced by OPEC's increased production and a rise in U.S. crude oil inventories, which initially drove prices down. However, events such as hurricanes in the Gulf of Mexico, the escalation of the Russia-Ukraine conflict, and potential Federal Reserve interest rate cuts have contributed to a rebound in prices [8][10]. Future Outlook - The company anticipates that the upward momentum for oil prices may weaken as the effects of the Federal Reserve's interest rate cuts are gradually realized. Future international oil prices are expected to fluctuate between 65.7 USD and 69 USD [10].

Core Points - Oil prices have decreased significantly on September 16, marking the second price drop in September, with a reduction of over 0.5 yuan per liter [1] - Throughout the year, there have been a total of eight price adjustments, with three increases and five decreases [2] - Despite the fluctuations, the average oil price is still 0.31 yuan cheaper per liter compared to the beginning of the year [3] Price Trends - The next price adjustment is expected on September 23, with indications suggesting further decreases [4] - The international oil price has shown a change rate of -1.23%, translating to a decrease of approximately 55 yuan per ton domestically [5] - For consumers, the expected decrease at gas stations for 92 and 95 octane gasoline is around 0.03 to 0.04 yuan per liter [7] Historical Price Adjustments - In April, there was an increase of 230 yuan per ton, followed by a decrease of 480 yuan within half a month [9] - May saw another significant drop of 230 yuan per ton [10] - June experienced two consecutive increases, totaling 325 yuan, which offset some of the previous decreases [11] - July had a similar pattern with an initial increase of 235 yuan followed by a decrease of 130 yuan [12] - August remained stable until the end of the month when prices dropped by 180 yuan [13] International Market Influences - The international oil market remains volatile, influenced by various factors, including potential tariffs on oil imports from India and speculation regarding the Federal Reserve's interest rate decisions [18][19] - Recent data shows WTI crude oil futures increased by $0.32 to $62.69 per barrel, while Brent crude rose by $0.62 to $66.99 per barrel [16] Regional Price Variations - Gasoline prices vary significantly across regions, with 95 octane gasoline reaching 8.74 yuan per liter in Hainan due to high transportation costs [20] - In contrast, regions with abundant oil resources, such as Shaanxi, have lower prices, with 95 octane gasoline at 7.40 yuan per liter [22] - Diesel prices also show regional disparities, with the lowest price at 6.52 yuan per liter in Heilongjiang, attributed to stable demand during winter [26]

Core Insights - The oil price adjustment on September 23 is expected to result in a decrease of approximately 55 yuan per ton, translating to a reduction of about 4 to 5 cents per liter [2][18] - The overall trend for oil prices in 2023 has been volatile, with a total of 18 adjustments, leading to a cumulative decrease of 405 yuan per ton for gasoline and 390 yuan for diesel [16] Price Trends - In the first half of the year, there were 12 adjustments, with an equal number of increases and decreases, resulting in a net decrease [3][5] - Gasoline and diesel prices decreased by 315 yuan and 325 yuan per ton respectively, equating to a drop of over 26 cents per liter [6] - In July, prices surged by 235 yuan for gasoline and 225 yuan for diesel, erasing a significant portion of the earlier reductions [9][10] Current Market Conditions - As of now, the oil price has decreased by 75 yuan per ton in the second half of the year, with recent adjustments bringing prices down by 310 yuan and 300 yuan for gasoline and diesel respectively [15][13] - The anticipated price drop on September 23 is contingent on international oil prices, which have shown fluctuations recently [21][17] Regional Price Variations - There is a significant disparity in fuel prices across different regions, particularly for 98-octane gasoline, which can reach as high as 9.88 yuan per liter in Hainan, while being around 8.16 yuan in Gansu [23][25] - The price of 0-diesel is more stable across the country, with most regions seeing prices between 6.60 and 6.80 yuan per liter, except for higher prices in remote areas like Lhasa [31][34]

Core Viewpoint - The oil prices are expected to decrease again, with a projected reduction of approximately 55 yuan per ton on September 23, continuing the downward trend in oil prices [1][6]. Price Trends - The oil price fluctuations in the second half of the year have been significant, with a total increase of 105 yuan per ton in July, followed by a substantial decrease of 180 yuan per ton in August [1][2]. - Overall, the oil prices have seen more decreases than increases in the second half of the year, with a cumulative reduction of over 400 yuan per ton since the beginning of 2025 [3][4]. Impact on Consumers - The anticipated reduction of 55 yuan per ton translates to a decrease of about 0.32 yuan per liter for consumers, which can lead to savings of several yuan when filling up a tank [4][5][6]. - If the expected reduction is realized, the total decrease in the second half of the year could reach 365 yuan per ton, equating to a drop of over 0.3 yuan per liter [8]. International Market Influences - The international oil market is currently volatile, with conflicting views on future prices. Some analysts predict a surplus in oil supply by 2025, while geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, create uncertainty regarding supply stability [10][11][13]. - Current prices for WTI and Brent crude oil are stable, indicating that market confidence remains intact despite the pressures [13][14]. Regional Price Variations - The price of 92-octane gasoline varies across regions in China, with most areas seeing prices just above 7 yuan per liter, while some regions like Hainan experience significantly higher prices due to taxes [15][17]. - In contrast, regions like Xinjiang enjoy lower prices, around 6.89 yuan per liter, highlighting the impact of local refinery distribution and transportation costs on pricing [18][24]. Future Outlook - The direction of international oil prices will significantly influence domestic price adjustments on September 23, with a greater likelihood of a decrease, albeit limited in extent [25][26]. - Monitoring oil price trends will be essential for consumers, as potential further reductions could provide financial relief for regular drivers [27][28].

Core Viewpoint - The domestic gasoline and diesel prices are expected to undergo a second adjustment in September, with the potential for prices to drop further before the upcoming Mid-Autumn and National Day holidays, despite recent fluctuations in international oil prices [1][3]. Price Adjustments - The last adjustment on August 27 resulted in a decrease of 0.14 to 0.16 yuan per liter for gasoline and diesel, with 92 gasoline prices dropping to 7.05 to 7.15 yuan per liter, nearing the "6 yuan era" [3]. - The next price adjustment is scheduled for September 23, with the current cycle showing a decrease of 55 yuan per ton for gasoline and diesel [5][7]. International Oil Market Dynamics - International oil prices have shown volatility, with WTI crude oil rising to 62.69 USD per barrel and Brent crude oil to 66.99 USD per barrel, indicating a mixed market sentiment [5]. - Factors influencing the oil market include geopolitical tensions, such as potential sanctions on Russian oil, and increasing U.S. EIA crude oil inventories, which have risen by 3.9 million barrels, raising concerns about oversupply [5][7]. Market Outlook - The oil market is expected to remain in a state of fluctuation, with predictions of a stable adjustment of 55 yuan per ton for gasoline and diesel prices in the upcoming week [7]. - The overall sentiment in the market is characterized by a lack of clear direction, with both bullish and bearish factors at play [7].

Group 1 - The next round of domestic oil price adjustment is scheduled for September 23, with an expected decrease of approximately 55 yuan per ton for gasoline and diesel [1][2] - The oil price trend this year has been highly volatile, resembling a roller coaster [3] - The 18th price adjustment was particularly dramatic, with initial expectations of a 90 yuan increase per ton, but international oil prices unexpectedly dropped, resulting in a 50 yuan decrease instead [5][6][7] Group 2 - The recent decline in international oil prices is attributed to a significant increase in U.S. crude oil inventories, which rose by 3.9 million barrels, exceeding market expectations [9][10] - Additionally, OPEC announced plans to restore a daily production cut of 2.2 million barrels in September and to increase production by 137,000 barrels per day starting in October, contributing to downward pressure on oil prices [12][13][14] Group 3 - The current national average prices for 92-octane gasoline vary by region, with the lowest price in Urumqi at 6.89 yuan and the highest in Hainan at 8.23 yuan [21][26] - For 95-octane gasoline, prices range from 7.40 yuan in Shaanxi to 8.74 yuan in Hainan, indicating regional disparities influenced by demand and transportation costs [30][31]

Core Viewpoint - The recent adjustment of gasoline and diesel prices in China reflects a significant decrease in crude oil prices, leading to a suspension of price hikes for the 18th time this year, with expectations of potential price drops in the upcoming adjustments [1][3][5]. Price Adjustments - The latest price adjustment on September 9 resulted in a decrease of 180 CNY/ton for gasoline and 175 CNY/ton for diesel, with current prices for 92 gasoline ranging from 7.05 to 7.15 CNY/liter, 95 gasoline from 7.55 to 7.65 CNY/liter, and 0 diesel from 6.75 to 6.85 CNY/liter [1][3]. - The next price adjustment is scheduled for September 23, with predictions indicating a possible decrease in prices due to the current trend of "easier to fall than to rise" in domestic oil prices [3][5]. Market Trends - Recent data shows that the domestic oil price has experienced a "2 drops and 3 suspensions" pattern over the last five adjustments, with a total price drop of 310 CNY/ton [3][5]. - The overall price reduction for gasoline and diesel in 2025 has been limited to 90-95 CNY/ton, with a decrease of 0.08 CNY/liter since early July [3][5]. Future Expectations - Analysts predict that if international oil prices continue to decline, the upcoming price adjustment on September 23 may see further reductions [7]. - Current geopolitical tensions and market conditions may still pose risks for potential price increases, despite the prevailing downward trend in oil prices [7].