Fuel Price Adjustment Notice: October 29 Window Approaches as Global and Domestic Crude Diverge

Under the fuel pricing adjustment rules, the next round of fuel price changes will take effect at 24:00 on October 29.

Today, October 27, marks only two days until the window for the 21st fuel price adjustment of the year.

On October 26, international crude oil prices declined.

At the close of trading that day, the December-delivery light crude futures contract on the New York Mercantile Exchange fell by US$1.51 to settle at US$101.76 per barrel, a drop of 1.46%. The December-delivery London Brent crude futures contract fell by 91 US cents to settle at US$115.81 per barrel, a decline of 0.78%.

Interestingly, however, the main Shanghai INE crude oil SC contract strengthened against the broader trend, closing at 728.1 yuan per barrel, up 11.1 yuan, or 1.55%, showing a clear divergence between domestic and overseas market movements.

Latest institutional estimates: gasoline and diesel are expected to rise by 370 yuan per tonne and 355 yuan per tonne, respectively.

Converted, that means 92-octane gasoline will rise by 0.3 yuan per litre, 95-octane gasoline will rise by 0.32 yuan per litre, and 0-grade diesel will rise by 0.31 yuan per litre.

Friendly reminder: These are currently only cyclical forecast figures. The final adjustment result will be subject to the notice from the National Development and Reform Commission on October 29.

Current national average fuel prices: 92-octane gasoline at 8.59 yuan per litre, 95-octane gasoline at 9.17 yuan per litre, and 0-grade diesel at 8.27 yuan per litre, just 0.3 yuan per litre away from this year's highest levels.