China set for biggest gasoline price cut of the year as pump prices slide
AI Market Summary
China will implement its largest gasoline and diesel price cut of the year, reflecting a decline in international crude benchmarks over the latest pricing window. Lower pump prices can signal weaker near-term demand conditions and reinforce the market's focus on oversupply risks, potentially weighing on crude sentiment. The move also modestly improves downstream consumption costs, but the dominant read-through is softer crude pricing momentum.
Impact level
● Medium
Affected assets
NCCO1OILWTI2USD/USDT+1.70%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
▼ Bearish
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China's National Development and Reform Commission (NDRC) said the domestic pricing window for refined oil products will open at 24:00 today. Data from the NDRC's Price Monitoring Center show international crude prices declined over the latest adjustment period, from 24:00 on June 18 to 24:00 on July 3.
Effective 24:00 on July 3, retail benchmark prices are expected to fall by RMB 950 per tonne for gasoline and RMB 915 per tonne for diesel. On average nationwide, Grade 92 gasoline, Grade 95 gasoline and Grade 0 diesel are set to drop by RMB 0.75, RMB 0.79 and RMB 0.78 per liter, respectively. A 50-liter fill-up of Grade 92 gasoline would cost about RMB 37.5 less.
The move would mark China's largest fuel price reduction so far this year. (Jin10)
