National Development and Reform Commission announced on July 31 that, based on changes in international oil market prices, domestic gasoline and diesel (standard product) prices will be raised by 685 yuan and 655 yuan per ton, respectively, effective from 24:00 on July 31.

Under the domestic refined oil pricing mechanism, the maximum retail prices of gasoline and diesel are adjusted every 10 working days, based on changes in the average price of a basket of international crude oil. The adjustment magnitude is not determined by price changes on individual days or specific points in time, but by comparing the average price of the basket over the 10 working days before the current adjustment to the average price of the basket over the 10 working days before the previous adjustment.

Liu Bingjuan, chief energy analyst at Longzhong Information, noted that since the last domestic refined oil price adjustment on July 17, the geopolitical situation in the Middle East has been repeatedly seesawing. This has led to significant volatility in international crude oil prices, with Brent crude oil futures once exceeding $100 per barrel. After a sharp rise in previous days, prices fell back somewhat, but recently surged again. During this adjustment cycle, the 10-day average price of the basket of international crude oil was significantly higher than the previous period.

Effective from 24:00 on July 31, the maximum retail prices of domestic gasoline and diesel (standard product) will be raised by 685 yuan and 655 yuan per ton, respectively. This translates to an increase of 0.55 yuan per liter for 92-octane gasoline and 0.56 yuan per liter for 0-octane diesel.

A responsible official from the National Development and Reform Commission stated that the three major oil companies 鈥?CNPC, Sinopec, and CNOOC 鈥?as well as other crude oil processing enterprises, must organize the production and transportation of refined oil products to ensure stable market supply and strictly implement national pricing policies. Local authorities at all levels should increase market supervision and inspection efforts, strictly investigate and punish any violations of national pricing policies, and maintain normal market order. Consumers can report price violations through the 12315 platform.

The National Development and Reform Commission's Price Monitoring Center stated that the current geopolitical situation is highly uncertain, and it is necessary to continue to focus on the impact of developments in the US-Iran conflict on international oil prices.