Domestic Gasoline and Diesel Prices Cut by ¥270 per Ton Effective April 21 at 24:00

According to China's refined oil pricing mechanism, gasoline and diesel prices will be lowered effective 24:00 on April 21. Prices are expected to drop by RMB 270 per ton, translating to a retail reduction of RMB 0.21 to RMB 0.24 per liter for both gasoline and diesel. Based on this adjustment, filling up a typical 50-liter private car fuel tank will save approximately RMB 10. This price cut is primarily driven by falling international crude oil prices, with the current crude oil price change rate standing at -3.19%. Roughly one-third of the current pricing cycle has passed, and international oil prices have shown a clear downward trend, making the price reduction virtually certain. China’s refined oil prices are adjusted every 10 working days under the "Petroleum Price Administration Measures." Recently, the international crude oil market has experienced significant volatility. Factors such as tensions in the Middle East temporarily pushed up import costs, prompting the government to implement two temporary adjustments to limit price increases and mitigate impacts on people's livelihoods and businesses. According to regulations, if the average international crude oil price exceeds USD 130 per barrel or falls below USD 40 per barrel, a price control mechanism will be triggered. Should the upper threshold be breached, domestic refined oil prices will either not increase or see only limited increases, accompanied by fiscal and tax policies to ensure stable supply and shield the domestic market from severe shocks caused by extreme international price fluctuations.