The National Development and Reform Commission announced that, following the domestic refined oil price adjustment on May 8, international crude oil prices have fluctuated upward before a slight decline. The average price over the 10 working days preceding this adjustment is higher than the average over the 10 working days before the previous adjustment. In accordance with changes in international oil prices, starting from 24:00 on May 21, the prices of domestic gasoline and diesel (standard products) will increase by 75 yuan and 70 yuan per ton, respectively.
This marks the tenth adjustment of domestic refined oil prices in 2026 and the eighth increase. For the year, refined oil price adjustments will reflect a pattern of "eight increases, one decrease, and one hold." When converted to a per-liter basis, the price of 92# gasoline rises by 0.06 yuan per liter, and 0# diesel by 0.06 yuan per liter. For an ordinary private car with a 50-liter fuel tank, filling up will cost approximately 3 yuan more.
Monitoring by the National Development and Reform Commission's Price Monitoring Center indicates that during this refined oil price adjustment cycle (from 24:00 on May 8 to 24:00 on May 21), international oil prices mostly increased, with the cycle's average price overall higher than the previous cycle. Factors influencing this include stalled U.S.-Iran negotiations, continued obstructions to navigation in the Strait of Hormuz, deepening production cuts in the Middle East, and accelerated global inventory drawdowns.
The Price Monitoring Center analysis suggests that the evolution of the U.S.-Iran situation is the core factor affecting current international oil price trends. Recently, the U.S. has increased pressure, announcing a delay of the originally planned military strike from May 19 by 2 to 3 days, while remaining prepared to restart the military "Plan B." Iran has issued a stern warning, stating it will open a new front in retaliation if attacked. The current situation has entered a volatile phase, with amplified fluctuations in international oil prices. The period around May 22 will be a critical observation window for the direction of the U.S.-Iran situation, warranting close attention to subsequent developments.
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