Core Viewpoint - The domestic fuel prices in China have increased for the seventh time this year, with gasoline and diesel prices rising by 125 yuan/ton and 120 yuan/ton respectively, leading to higher costs for consumers and logistics [1][3]. Price Adjustments - The latest price adjustment will result in an increase of approximately 0.1 yuan per liter for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel [1]. - After this adjustment, the retail price for 92-octane gasoline is expected to be between 6.9 and 7.0 yuan per liter, while diesel prices will range from 6.6 to 6.8 yuan per liter across most regions [1]. Market Dynamics - The current pricing cycle reflects a pattern of "seven increases, nine decreases, and six stasis" for the year 2025 [3]. - International crude oil prices have been under pressure due to OPEC+ countries increasing production targets and concerns over supply surplus, alongside a strong US dollar and rising US crude oil inventories [4]. Future Price Expectations - Analysts predict a high probability of price reductions in the next round of fuel price adjustments, driven by increasing supply and weak global economic demand [6]. - The next price adjustment window is set to open on November 24, with potential reductions estimated at around 70 yuan/ton based on current crude oil prices [6][7]. Supply and Demand Factors - Current domestic supply of refined oil is somewhat constrained due to low operational loads at major refineries, which may provide some support to prices [7]. - Diesel demand remains stable due to ongoing construction and industrial activities, while gasoline demand lacks strong support, leading to a weak market outlook for gasoline [7].