China's refined oil prices have seen their tenth reduction this year. On November 24, the National Development and Reform Commission announced that starting at midnight, domestic gasoline and diesel prices would be reduced by 70 yuan per ton and 65 yuan per ton respectively. Converted to per-liter pricing, 92-octane gasoline decreased by 0.05 yuan, while 95-octane gasoline and 0-grade diesel both dropped by 0.06 yuan.

Following this adjustment, fuel costs for private vehicles and logistics enterprises in China have decreased.

Taking a household sedan with a 50-liter fuel tank as an example, filling up with 92-octane gasoline will save 2.5 yuan. For a heavy-duty truck traveling 10,000 kilometers monthly with a fuel consumption of 38 liters per 100 kilometers, the fuel cost per vehicle will decrease by approximately 106 yuan before the next pricing window opens.

This marks China's 23rd price adjustment in 2025 and the 10th reduction this year. Following this adjustment, China's 2025 refined oil price adjustments will show a pattern of “three increases, five decreases, and two suspensions.

Following this adjustment, diesel prices nationwide will range from 6.5 to 6.7 yuan per liter in most regions, while the retail price cap for 92-octane gasoline will be between 6.8 and 6.9 yuan per liter.

Throughout this pricing cycle, international crude oil prices have not followed a one-way trend, instead exhibiting wide fluctuations. Consequently, China's benchmark crude oil price change rate has remained within negative territory.

Market rumors of upcoming talks between the U.S. and a European nation pressured oil prices to adjust within their wide fluctuations, causing geopolitical-driven gains to retreat. However, U.S. crude inventories unexpectedly declined by 3.4 million barrels, while weekly gasoline and distillate demand showed sequential increases. This indicates sustained strong demand support in the short term, forming a robust floor for international oil prices.

As of 8:00 AM Beijing time on November 24, WTI front-month crude futures closed down 0.32% at $57.75 per barrel, while Brent front-month crude futures closed up 0.5% at $61.64 per barrel.

The next round of refined oil product prices is expected to decrease.

Looking ahead, the U.S. is actively promoting new peace agreement negotiations between Russia and Ukraine, which may further ease geopolitical tensions. Additionally, OPEC+ continues its production increase stance, and the U.S. dollar has strengthened. Overall, the probability of a downward adjustment in the next round of refined oil product pricing is high.

Based on current crude oil prices, the recalculated change rate may fall into negative territory.

Looking ahead, potential peace talks in Eastern Europe could ease oil supply concerns. Against the backdrop of international trade disputes and expectations of industrial oversupply, the oil market may face downward pressure, with a possibility of a second consecutive price reduction in the next round.

According to the current refined oil price adjustment cycle, the next adjustment window will open at 24:00 on December 8, 2025.

As an integrated internet platform providing benchmark prices, on November 25, the benchmark price of gasoline on SunSirs was 7081.00 RMB/ton, a decrease of 0.36% compared with the beginning of the month (7106.60 RMB/ton).

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