Domestic Refined Oil Prices Cut from April 21 at 24:00, First Reduction in 2026

According to the schedule, the latest adjustment window for China's domestic refined oil retail price ceiling will open at 24:00 on April 21. Multiple institutions forecast that prices will be lowered in this round, marking the first reduction in 2026. In the previous two pricing cycles, the government had already implemented regulatory measures to mitigate the impact of rising international oil prices on the domestic market. The National Development and Reform Commission (NDRC) has required PetroChina, Sinopec, CNOOC, and other crude oil refiners to ensure stable production and distribution of refined oil products, guarantee market supply, and strictly comply with national pricing policies. It also instructed local authorities to strengthen market supervision and rigorously investigate any violations of national pricing regulations. Notably, international oil prices surged significantly on April 20: Light sweet crude oil futures for May delivery on the New York Mercantile Exchange settled at $89.61 per barrel, up $5.76 or 6.87%; while Brent crude futures for June delivery on the London market closed at $95.48 per barrel, rising $5.10 or 5.64%.