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China's fuel prices may drop on Oct 15, with estimated cut of 210 yuan per ton
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International oil prices experienced a sharp decline, with USOIL falling 2.63% to $91.349 per barrel as of September 26. The next oil price adjustment in China is scheduled for October 15 at 24:00, and due to a five-day consecutive drop in international oil prices before Thursday, domestic prices are expected to decrease by approximately 210 yuan per ton, with a current estimated decline of around 4%. In related geopolitical developments, US President Donald Trump stated on September 26 that he rejected a proposal from Iran to reopen the Strait of Hormuz, claiming the US has full control over the waterway. Meanwhile, Iran's President expressed that the country no longer trusts dialogue with the US, citing US attacks and sanctions after each round of negotiations. Additionally, the Israeli military announced an airstrike on a weapons storage facility in southern Lebanon on September 26. The information is sourced from Chinese media outlets including National Business Daily, CCTV News, and Today's Oil Price Inquiry.
Source report
International oil prices experienced a sharp decline. As of the close on September 26 (Beijing time), USOIL fell 2.63%, settling at $91.349 per barrel.
The next oil price adjustment is scheduled for 24:00 on October 15. Under the current 10-working-day statistical cycle, oil prices have resumed their downward trend, influenced by five consecutive days of declines in international crude prices prior to this Thursday. The reduction is currently estimated at around -4%, with a projected decrease of 210 yuan per ton.
Key Developments
- U.S. Rejects Iranian Proposal: On September 26, U.S. President stated that he had rejected a proposal from Iran to reopen the Strait of Hormuz. In an interview, he claimed that the U.S. has full control over the strait, with large volumes of oil flowing through it. He added that Iran seeks a deal to immediately reopen the waterway, but "I rejected their proposal."
- Iran Expresses Distrust: According to Iranian sources on September 26, the Iranian President stated in an interview that Iran no longer trusts dialogue with the U.S., citing that each round of negotiations has been followed by U.S. attacks and sanctions.
- Israeli Airstrike in Lebanon: On September 26, a statement confirmed that the Israeli military carried out an airstrike earlier that day on a weapons storage facility in southern Lebanon.
Sources: National Business Daily, CCTV News, Today's Oil Price Inquiry
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