China's domestic refined oil product prices have been lowered for the second time this year.
The adjustment, effective from 24:00 on June 4th, saw reductions of 525 yuan per ton for gasoline and 505 yuan per ton for diesel.
For consumers, this translates to a saving of approximately 20.5 yuan when filling a 50-liter tank with 92-octane gasoline.
This marks the 11th price adjustment window of the year, altering the 2026 price pattern to eight increases, two decreases, and one hold.
During this pricing cycle, international oil prices experienced volatility, initially declining before a slight rebound, influenced by the evolving situation between the United States and Iran.
Analysis from the National Development and Reform Commission's Price Monitoring Center identifies the U.S.-Iran situation as the core factor currently influencing international oil price trends.
Recent statements from Iran, indicating a suspension of dialogue with the U.S. and plans to completely block the Strait of Hormuz, have heightened tensions.
Conversely, the United States has stated its aim to reach an agreement within a week.
The increased uncertainty surrounding these negotiations is expected to amplify short-term volatility in international oil prices, necessitating close monitoring of subsequent developments.
Analysts note that while military friction persists, the probability of a full-scale conflict reigniting remains low, and there remains a positive outlook for U.S.-Iran talks.
The industry consensus is that oil prices will continue to trend downward, though the magnitude of the decline in the near term is expected to be limited.
However, a prolonged closure of the Strait of Hormuz could shift the price volatility trend higher.
It is important to note that recent days have seen renewed mutual attacks between the U.S. and Iran, escalating tensions in the Middle East.
This has been reflected in the markets, with Brent crude futures rising 2.6% to $98.50 per barrel and U.S. West Texas Intermediate crude futures gaining 2.8% to $96.34 per barrel, signaling market concerns over escalating conflict.
The next domestic refined oil product retail price adjustment window is scheduled to open at 24:00 on June 18th.
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