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domestic oil prices have experienced a "four-consecutive drop". the national development and reform commission announced that according to the recent changes in international oil prices and the current mechanism for the formation of refined oil prices,from 24:00 on september 20, 2024, the domestic gasoline and diesel prices will be reduced by 365 yuan and 350 yuan per ton respectively.。

this round is the 19th adjustment of domestic refined oil prices in 2024.it will also be the eighth downward adjustment this year, setting a record for the largest drop this year.after converting into price per liter, the price of 92# gasoline was reduced by 0.28 yuan per liter, and the price of 0# diesel was reduced by 0.30 yuan per liter.based on the calculation of an ordinary private car with a fuel tank capacity of 50l, filling up a tank of gas will cost about 14 yuan less.。

monitoring by the price monitoring center of the national development and reform commission shows that during this round of refined oil price adjustment period (september 5th to september 19th), international oil prices fell sharply.

during the price adjustment period, the federal reserve started a rate cut cycle, which was the first rate cut since the start of this round of tightening cycle in march 2022. the dollar weakened to a one-year low, which provided some support to oil prices. however, the growth of u.s. crude oil and refined oil inventories indicates that demand has slowed down after the end of the summer travel peak season. the international energy agency, the u.s. energy information administration, and opec have all lowered the growth rate of crude oil demand this year. in addition, the easing of the domestic political situation in libya is conducive to crude oil exports, the impact of the hurricane in the gulf of mexico on regional crude oil production has subsided, and the marginal effect of the alliance of oil-producing countries to stabilize production and maintain prices has weakened, deepening the market's concerns about the growth of crude oil supply and sluggish demand, and oil prices have therefore been under downward pressure.

the national development and reform commission price monitoring center predicts thatin the short term, oil prices will mainly fluctuateon the one hand, the fed's interest rate cut will boost market expectations to a certain extent, and the renewed tension in the middle east will also increase the "risk premium" of crude oil. but on the other hand, the slowdown in global economic growth and weak growth in crude oil demand will still suppress oil prices.