The continued reduction in international oil prices may result in a temporary adjustment of the price of refined oil products by the end of this month. Based on the premise that the price of oil from three regions will be reduced by 4%, crude oil will remain around $103, and the condition for reducing the price of refined oil products can be met at the beginning of next week. There will be an approximate discount of 0.1-0.3 yuan per liter, which will bring joy to car owners.
In response to the decline in international oil prices, domestic oil prices have remained stubbornly high. Car owners have expressed much dissatisfaction, such as in the case of iron selection from steel slag. Experts indicate that if the domestic market does not unify with international prices, it will be difficult for domestic oil prices to align with international ones.
However, there are other reasons for lowering the price of refined oil products. In the current stage, the benefits of the refining industry have significantly declined, and the motivation for investment in exploration is insufficient. By lowering the price of refined oil products, the current situation can be improved, as ball mills are used. Crude oil is connected to the international market, but the price of refined oil products is controlled by the state. In 2009, the refining industry experienced its first loss, mainly due to deteriorating benefits.
Regarding the actions of these two giants in China, officials from the National Price Bureau stated that if the average price of three types of international crude oil referenced for domestic oil price adjustments falls by 4%, the state will promptly lower the price of domestic refined oil products.
Despite the sharp drop in international crude oil prices, Sinopec has maintained a position of inaction. Many people believe that China's oil giants are very proactive when raising prices but very passive when lowering them; they are very outspoken when raising prices but very low-key when lowering them. When price reductions are needed, various excuses and reasons are given. Will oil prices really decrease in September?
In recent trading days, international crude oil prices have continuously plummeted. Starting at midnight on August 10th, Sinopec Hong Kong Oil Station Company lowered gasoline and diesel prices by 0.1 Hong Kong dollars and 0.18 Hong Kong dollars respectively.
Car owners have finally seen hope for a decrease in oil prices amidst the rapid decline in international crude oil prices.