China Cuts Domestic Refined Oil Prices for Fifth Time This Year
China's National Development and Reform Commission (NDRC) has announced a fifth domestic price cut for refined oil this year, effective from August 14 at 24:00. The average reference crude oil price during this pricing cycle stood at $82.14 per barrel, down 4.90% from the previous cycle.
The international oil price initially declined sharply but rebounded due to renewed geopolitical tensions in the Middle East and continued disruption of shipping through the Strait of Hormuz, narrowing the expected reduction in China's retail refined oil price cap.
The theoretical price cut is estimated at RMB 210 per ton, equivalent to a reduction of approximately RMB 0.15 per liter at the pump. For an average private car with a 70-liter fuel tank, this translates to savings of about RMB 11 per full tank.