【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 成品油：未来汽油、柴油批零价差或先收窄后扩大 卓创资讯统计数据显示，截至11月24日收盘，国内主营及山东地炼汽油批零价差为1935、2160元/吨， 分别较月初上涨122、117元/吨，主营柴油批零价差为1070元/吨，较月初下跌5元/吨，山东地炼柴油批 零价差为1290元/吨，较月初上涨110元/吨。未来北方气温继续回落，成品油终端需求或表现欠佳，预 计汽柴油批发价格或承压运行。在下调政策落实后，预计未来汽油、柴油批零价差或先收窄后扩大。 ...

Core Viewpoint - The price spread between gasoline and diesel in China has shown divergent trends since late October, with gasoline prices increasing while diesel prices have decreased [1] Group 1: Price Trends - As of November 10, the gasoline price spread for major domestic and Shandong independent refineries was 1776 and 2018 CNY/ton, respectively, reflecting an increase of 51 and 10 CNY/ton since the beginning of the period [1] - The diesel price spread was recorded at 950 and 1118 CNY/ton, showing a decrease of 105 and 165 CNY/ton since the start of the period [1] Group 2: Market Influences - The overall trend in crude oil prices has been weak since late October, contributing to soft terminal demand for gasoline [1] - The logistics and transportation sector has supported diesel demand, leading to an increase in diesel wholesale prices [1] - Consequently, the gasoline wholesale price has experienced fluctuations downward, while diesel wholesale prices have shown an upward trend, resulting in an expanding gasoline price spread and a narrowing diesel price spread [1]

截至5月22日，华南汽柴油批零价差分别为1391元/吨、887元/吨，跌至1月中旬以来最低水平。与2025 年批零价差最高水平相比，汽油批零价差收窄572元/吨，幅度29%，柴油批零价差收窄708元/吨，幅度 44%；与去年同期相比，汽油批零价差收窄450元/吨，幅度24%，柴油批零价差收窄660元/吨，幅度 43%。进入5月，零售限价下调预期持续笼罩市场，且需求方面而言，五一假期后公众出行半径收窄， 终端消耗速率下滑，汽油价格承压运行，区内阴雨天气较多，基建等室外工程开工受限，终端消耗提升 缓慢，柴油价格延续弱势运行。而近期，上游资源有所收紧，区内现货资源亦存收紧预期，加之部分空 单回补，市场批发价格趁势上涨，从而导致批零价差再次收窄。 市场价格或将承压 批零价差预期扩大 市场继续等待美伊核协议谈判、东欧和平进展推进等消息，市场对未来经济及需求仍存担忧，叠加欧佩 克+增产计划，预计原油价格走势承压，从而利空华南汽柴油价格。供应方面来看，中海油惠炼二期预 计月底检修结束，市场供应将有增加。需求方面来看，虽端午假期临近，汽油终端需求预期边际向好， 但考虑新能源替代等因素印象，汽油终端需求难有明显增量，加油站仍维 ...