The domestic refined oil price adjustment window opened at 24:00 on November 10th. The retail price of refined oil in this round increased. In 2025, the retail price of refined oil experienced six upward adjustments, nine downward adjustments, and six stranded adjustments. During this cycle, the crude oil market had fluctuated widely, and the crude oil change rate had remained positive. The retail price adjustment of refined oil in 2025 will encounter the "seventh" upward adjustment.

Entering this pricing cycle, the international oil price market has fluctuated widely. As of the 7th, the settlement price of the December WTI crude oil futures contract in the United States was $59.75 per barrel, and the settlement price of the January Brent crude oil futures contract was $63.63 per barrel. During this round of price adjustment cycle, the crude oil price market first rose and then fell. At the beginning of the cycle, China and the United States held trade negotiations, and market risk appetite, coupled with the tense situation in South America, once supported the rise of crude oil prices; However, in the later stage of OPEC+'s new round of production increase, the market is still concerned about the long-term risk of oversupply, and the regional situation has eased. In addition, the weakening of US demand and US tariff issues have dragged down global economic and demand expectations, leading to a decline in international oil prices. As of the 10th, the change rate of crude oil varieties on the 10th working day was 3.01%, corresponding to an increase of 125 RMB/ton of gasoline and 120 RMB/ton of diesel in domestic oil prices, equivalent to an increase of 89# 0.09 RMB/ton, 92# 0.10 RMB/ton, 95# 0.10 RMB/ton, and 0# 0.10 RMB/ton per liter.

In terms of gasoline, the operation of Shandong's refineries is relatively stable, with an average operating rate of around 54%. The operating rate of the country's main refineries remains at around 86%, and the supply of refined oil products from refineries has slightly increased. Recently, residents' travel and other activities have been normal, and the wait-and-see atmosphere in the domestic gasoline market has intensified, resulting in further setbacks in transactions. In addition, the increasing popularity of new energy vehicles has led to lower than expected demand performance, resulting in a volatile and downward trend in the gasoline market.

In terms of diesel: Recently, the supply side of the diesel market has slightly increased, and the demand is still dominated by basic needs. As the autumn harvest in agriculture is coming to an end, the consumption of agricultural oil has increased compared to before. The demand for infrastructure and logistics is average. In addition, the fishing ban in the north has ended, and there has been an increase in ship oil compared to before. In addition, diesel in the northern region has been converted to -10 # diesel, which has led to a slight rise in the diesel market.

Looking ahead, the recent peak season for traditional fuel consumption in the United States is coming to an end, and supply side risks have not been eliminated. International oil prices are mainly experiencing weak fluctuations in the short term, which has limited cost support for the domestic refined oil market. From a domestic perspective, the short-term refinery operating rate is relatively stable, the supply of refined oil is loose, and there is no significant increase in gasoline demand, resulting in low gasoline market prices; There is still support for diesel demand, and diesel prices may rise slightly in the later stage.

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