I. Domestic refined oil prices have been significantly reduced
1. The price adjustment has reached a new high
From 24:00 on April 17, 2025, the domestic gasoline and diesel prices (standard products) will be reduced by 480 yuan and 465 yuan per ton respectively, creating the largest single reduction this year. According to this calculation, a full tank of 50L of No. 92 gasoline will save 19 yuan.
2. Price adjustment background
The reduction is mainly affected by the continued decline in international oil prices. Recently, the WTI crude oil price once fell below the psychological mark of US$60 per barrel. The imbalance between supply and demand and the strengthening of the US dollar have jointly put pressure on oil prices (combined with historical dialogue data).
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II. Policy implementation and market supervision
1. The responsibility of the three major oil companies to ensure supply
PetroChina, Sinopec, and CNOOC are required to organize the production and transportation of refined oil products, ensure stable market supply, and strictly implement price policies.
2. Local supervision is strengthened
Local government departments will strictly investigate price violations, and consumers can report violations through the 12315 platform. Guangdong Province has clarified the maximum retail price of gasoline and diesel, and implemented price difference management for distribution companies.
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III. Market reaction and consumption impact
- Retail price linkage
Shanghai, Chongqing and other places adjusted oil prices simultaneously. After the adjustment, the price of Shanghai No. 92 gasoline was 7.88 yuan/liter and No. 0 diesel was 7.56 yuan/liter; Chongqing No. 92 gasoline was 7.95 yuan/liter and No. 0 diesel was 7.63 yuan/liter.
- Local refineries are under pressure
The cumulative decline in the wholesale price of Shandong local refineries gasoline reached 200-300 yuan/ton, and some refineries relieved the pressure through the rebound of the centralized procurement price (combined with historical dialogue data).
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IV. Capital Market Dynamics
- Hengli Petrochemical Fund Outflows
Hengli Petrochemical was sold off on April 17. Investors chose to reduce their holdings due to mediocre performance. The trading volume of the two markets on that day shrank to 999.4 billion yuan, and the market risk aversion sentiment heated up.
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V. International Relations Dynamics
- Aftermath of China-US Tariff Game
China's policy of imposing tariffs on US energy products continues to affect the global trade chain. The Ministry of Commerce reiterated its opposition to the unilateral tariff escalation by the US.