According to the new pricing mechanism for petroleum products introduced in 2013, it is the ninth working day on October 30 in this round of petroleum products price adjustment period, and the window for this round of price adjustment will open on October 31. Affected by the oversupply on the crude oil market and other factors, the international crude oil prices have continuously declined recently, and according to the market expectations, the prices of domestic petroleum products are likely to record the first ever “septuplet-drop”.
The petroleum industry business index report of www.ce.cn
for the third quarter was released on October 31, and the latest data show that in the third quarter, the index was 98.4, unchanged from the last quarter; the early-warning index was 83.3, also unchanged from the last quarter. In specific, the oil industry maintained steady and rapid growth in production, the imports and exports increased faster, the sales and profits changed from growth to drop on the year-on-year basis, the inventories rose significantly, and the price increases declined.
In addition, the data show that after the preliminary seasonal adjustment, the main business revenues of the oil industry stood at RMB 113 million in the third quarter, a small decrease of 0.4% compared with the increase of 2.5% in the last quarter on a year-on-year basis, with the sales growth rate recording the first drop in nearly four years. By the end of September, the crude oil prices had not shown any sign of stabilization and the Brent crude oil price had declined to below US$ 100.
The window for the adjustment of gasoline and diesel prices will open again on October 31, the tenth working day in this round of pricing period. The market expects that the domestic gasoline and diesel prices will be cut down from 24 o'clock on the 31st, with the decreases to exceed RMB 200 / ton, and the first ever “septuplet-drop” is in sight.