Following the previous domestic refined oil product price adjustment on May 21st, international crude oil prices experienced volatility, initially declining before recently showing some recovery. The average price over the 10 working days preceding this latest adjustment was lower than the average for the corresponding period before the last price change.

In response to shifts in the international oil market, the prices for domestic gasoline and diesel (standard products) have been reduced by 525 yuan and 505 yuan per tonne respectively, effective from midnight on June 4th.

Major state-owned energy companies, including China National Petroleum Corporation (CNPC), China Petrochemical Corporation (Sinopec), and China National Offshore Oil Corporation (CNOOC), along with other crude oil processing enterprises, are instructed to coordinate the production and distribution of refined oil products. Their mandate is to ensure stable market supply and strictly adhere to the national pricing policy.

Relevant local authorities are tasked with intensifying market supervision and inspection efforts. They are to rigorously investigate and penalize any actions that violate the national price regulations, thereby upholding normal market order. Consumers can report any suspected pricing violations through the 12315 platform.

According to financial reports, the price reduction means filling a 50-litre tank with 92-octane gasoline will now cost approximately 20.5 yuan less. The logistics industry will also see a reduction in operational expenses. For instance, a heavy-duty truck covering 10,000 kilometers per month with a fuel consumption of 38 liters per 100 kilometers is projected to save around 763 yuan in fuel costs over the next half-month period.

An appendix detailing the maximum retail prices for gasoline and diesel in various provinces, autonomous regions, municipalities, and major cities is included with the official notice.