China’s domestic refined oil prices are approaching their first adjustment window of 2024, but market consensus suggests this adjustment is highly likely to be ‘suspended.’ Under China’s current pricing mechanism, domestic fuel prices are adjusted every 10 working days based on changes in the average international crude oil price. If the fluctuation remains below the threshold of RMB 50 per ton, no adjustment is made—commonly referred to as a ‘suspension’ or ‘hold.’Recently, although geopolitical tensions and OPEC+ production cuts have introduced some volatility into global oil markets, overall crude prices—including Brent and WTI—have remained relatively stable, failing to trigger China’s price-adjustment threshold. Additionally, with the Lunar New Year approaching, domestic fuel demand has stabilized, refinery operating rates remain normal, and supply-demand dynamics show no significant imbalance.Analysts note that unless international crude prices experience a sharp surge or drop in the coming days, the upcoming price adjustment window—expected around January 17—is very likely to be suspended. This means consumers will see no change in fuel costs in the short term. However, given ongoing uncertainties in global energy markets, future oil price trends will depend closely on developments in the Middle East, Federal Reserve monetary policy, and the pace of global economic recovery.
2024年国内成品油价格迎来首次调价窗口，但市场普遍预期此次调整大概率将‘搁浅’。根据现行的成品油定价机制，国内油价每10个工作日调整一次，参考的是国际原油均价变动幅度。若国际油价波动幅度未达到50元/吨的调价门槛，则本次调价将不作调整，即‘搁浅’。近期，尽管国际原油市场受到地缘政治、OPEC+减产等因素影响出现一定波动，但整体走势相对平稳，布伦特和WTI原油均价变化幅度未触及国内调价红线。加之春节临近，国内成品油需求趋于稳定，炼厂开工率维持正常水平，市场供需关系未出现显著失衡。分析人士指出，若未来几日国际油价无明显大幅上涨或下跌，1月17日前后开启的新年首轮调价窗口极有可能搁浅。这也意味着消费者在短期内加油成本将保持不变。不过，考虑到全球能源市场仍存在不确定性，后续油价走势仍需密切关注中东局势、美联储货币政策及全球经济复苏节奏等多重因素。
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