International oil prices fall Domestic oil prices are expected to start lowering in September

With the rapid decline in the international crude oil situation, some car owners have finally seen the dawn of oil price cuts.

In recent days, international crude oil prices have continued to plummet. Sinopec Hong Kong Gas Station Company started to cut the price of gasoline and diesel since the early morning of August 10. The prices of gasoline and diesel were cut by HK$0.1 and HK$0.18 respectively.

Sinopec maintained its attitude of being unmoved by the sudden fall in international crude oil prices. Many people think that China's oil giants are "very active when prices rise, they are very passive when they lower prices, they are high-profile when prices rise, and they are low-key when they lower prices." There are various reasons and various excuse for price cuts.

With regard to the practices of these two giants in China, the head of the National Price Division stated that the domestic market for oil price adjustment refers to the boundary conditions where the average price of three kinds of crude oil drops by 4%, and the country will promptly reduce the prices of domestic refined oil products.

Actually, there are other reasons for lowering refined oil prices. The efficiency of the oil refining industry at this stage has declined substantially, and investment in mining has also been insufficient. Improve the status quo by lowering the price of refined oil. Crude oil is linked to the international market, but the price of refined oil can be controlled by the country. The first loss in the refining industry in 2009 was mainly due to the deterioration of efficiency.

In the face of the decline in international oil prices, domestic oil prices, which have not been able to come down yet lately. Car owners have already had a lot of dissatisfaction. Experts said: "If the domestic market does not harmonize the price with the international market, it will make it difficult for the mainland oil price to be in line with international standards."

The continuous reduction in the international oil price will probably make temporary adjustments to refined oil prices in the second half of this month. According to the conditions of the oil price drop of 4% in the three places, crude oil is maintained at around US$103, and conditions for the reduction of refined oil can be met at the beginning of next week. Each liter may be discounted between 0.1-0.3 yuan, a car owners will be smiling.

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