Under the refined oil pricing mechanism, the next round of fuel price adjustments is scheduled to take effect at midnight on October 29, which falls on Thursday next week.
The latest update on the October 24 oil price adjustment shows that international crude prices have climbed significantly. As of the close on October 23, light sweet crude futures for December delivery on the New York Mercantile Exchange rose by US$3.80 to settle at US$103.27 per barrel, a gain of 3.82%. London Brent crude futures for December delivery advanced by US$3.55 to close at US$116.72 per barrel, up 3.14%.
Today's forecast for oil price movements shows that eight days have passed since the suspended adjustment on the evening of last Thursday. Driven by continued gains in international oil prices during this period, domestic fuel prices in October have resumed their upward trend. The change rate for international crude has now exceeded 5.40%, pointing to an estimated increase of 305 yuan per tonne, equivalent to a rise of 0.23 yuan to 0.28 yuan per litre.
Looking at the broader price trajectory this year, 20 rounds of adjustment have already been completed in 2026, with more increases than decreases overall: 13 hikes, 2 suspensions, and 5 cuts. Compared with prices at the start of the year, gasoline has risen by a cumulative 2,375 yuan per tonne and diesel by 2,290 yuan per tonne, translating to an increase of 1.9 yuan to 2.03 yuan per litre.
At present, the national average reference prices for fuel stand at 8.59 yuan per litre for 92-octane gasoline, 9.17 yuan per litre for 95-octane gasoline, and 8.27 yuan per litre for 0-grade diesel. The increases cited in this article are only institutional estimates and forecasts, and the final adjustment magnitude shall be subject to the official release.
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