Recently, the National Development and Reform Commission announced that since July 24, 2020, the international market oil prices fluctuated, according to the current domestic oil product pricing mechanism, August 7, an average of 10 working days before and 10 working days before July 24, compared to the average price on July 24, not considering the amount that move at the same time, the cumulative adjustment amount is less than 50 yuan per ton. In accordance with article 7 of the Measures for the Administration of Petroleum Prices, the price of gasoline and diesel oil is not adjusted this time, and the amount not adjusted will be added up or offset in the next price adjustment.

    Lower U.S. crude production, declining inventories, and a weakening dollar have boosted international oil prices during the adjustment cycle. The latest data from the us energy information administration showed us crude oil production fell by 2 million b/b/BBB by 10 million b/d in May, the biggest monthly drop on record. Commercial crude inventories have also fallen 17.98 million barrels in the past two weeks. The dollar index fell to its lowest level in two years at 92.788, with the weaker greenback also providing support for dollar-denominated crude prices. But as the COVID-19 epidemic continues to worsen in some countries, oil prices are losing momentum amid fears of a lasting impact on the global economy and oil demand.

    In 2020, the price adjustment of domestic refined oil products has presented the pattern of "two rises, three falls and ten runs aground". As of August 7 (today), there have been 15 price adjustment window periods this year, among which domestic refined oil prices were lowered on February 4, 18 and 17, and raised on June 28 and July 10. Up to the adjustment, gasoline prices have been reduced by 1630 yuan per ton and diesel prices by 1570 yuan per ton.