Vehicle owners in Qingdao are advised to take note: at 24:00 on April 7, the first working day following the Qingming Festival holiday, domestic refined oil product prices will be adjusted. Due to the continued sharp rise in international oil prices, the current crude oil change rate has reached 2.21%, indicating an expected price increase of 190 yuan per ton. Converted to a per-liter basis, this translates to an anticipated rise of 0.14 to 0.17 yuan per liter for gasoline and diesel prices this week.
Liu Bingjuan, a refined oil analyst at Longzhong Information, analyzed that from the supply perspective, the U.S.-Iran conflict shows no substantial signs of easing. The continued blockage of the Strait of Hormuz has forced major oil producers in the Persian Gulf, such as Saudi Arabia, to significantly reduce output, keeping supply risks elevated and providing ongoing support for oil prices. "On the demand side, global demand remains weak with slow improvement. Additionally, conflicts in the Middle East have led several Asian countries' refineries to lower their operational rates, resulting in decreased crude oil consumption. Furthermore, the Federal Reserve is unlikely to cut interest rates in the short term, and views supporting further rate hikes are increasing," she stated.
However, looking ahead, Liu Bingjuan anticipates a higher probability of a price decrease in the subsequent refined oil product price adjustment, scheduled for 24:00 on April 21. "On one hand, the U.S. has indicated it will not prolong entanglement with Iran, suggesting future conflict intensity may decrease. Moreover, multinational negotiations are underway regarding navigation issues in the Strait of Hormuz."
Several "fuel-saving tips" are recommended for drivers to keep in mind.
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