Gasoline and diesel prices have been reduced.

On the 14th, the National Development and Reform Commission announced that, based on changes in international market oil prices, as of 24:00 on August 14, the domestic prices of gasoline and diesel will be reduced by 230 yuan and 220 yuan per ton, respectively. According to the domestic refined oil price mechanism, the highest retail prices for gasoline and diesel are adjusted every 10 working days based on the changes in the average price of a basket of international crude oil. The adjustment range is not determined by the price changes at specific points in time or during certain days but rather by the changes in the average price of the basket of international crude oil over the 10 working days prior to the current price adjustment compared to the average price during the previous 10 working days. Liu Bingjuan, chief analyst at Longzhong Information Energy, stated that since the last domestic refined oil price adjustment on July 31, tensions in the U.S.-Israel-Iran conflict have eased, and expectations for the reopening of the Strait of Hormuz have risen, leading to a rapid and significant decline in international crude oil prices. Subsequently, due to the deadlock in U.S.-Iran negotiations, prices have experienced fluctuations upward again. However, the average price of the basket of international crude oil over the past 10 days still remains lower than the average from the previous adjustment period, resulting in a corresponding reduction in domestic refined oil prices. Starting at 24:00 on August 14, the highest retail prices for gasoline and diesel will be reduced by 230 yuan and 220 yuan per ton, respectively, equivalent to a reduction of 0.19 yuan per liter for 92# gasoline and 0# diesel. A taxi will save about 10 yuan when filling up a tank, while a large truck will save about 100 yuan. An official from the National Development and Reform Commission stated that China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and other oil processing companies should organize refined oil production and transportation to ensure stable market supply and strictly implement national price policies. Relevant local departments should strengthen market supervision and inspection efforts, severely investigate behaviors that do not comply with national price policies, and maintain normal market order. Consumers can report price violations through the 12315 platform. The price monitoring center of the National Development and Reform Commission assesses that there is significant uncertainty in the current geopolitical situation, and future attention should be focused on the impact of the U.S.-Iran situation on international oil prices.