International oil prices rose on the 20th, with an estimated increase in refined oil prices on March 23 marking the largest adjustment of the year. Vehicle owners filling a full 50-liter tank of 92-octane gasoline will need to pay approximately 87 yuan more.

Cailian Press, March 21 — As of the close of trading today, the price of West Texas Intermediate crude oil futures for April delivery on the New York Mercantile Exchange rose by $2.18, closing at $98.32 per barrel, a 2.27% increase; Brent crude oil futures for May delivery on the London ICE rose by $3.54, closing at $112.19 per barrel, a 3.26% increase.

At 24:00 on March 23, domestic refined oil prices will undergo their sixth adjustment of the year. According to Zhuochuang Information, the increase on March 23 is estimated to be around 2,000 yuan per ton, marking the fifth increase this year and the largest of the year. Gasoline 92, gasoline 95, and No. 0 diesel will each be raised by 1.73 yuan/liter, 1.83 yuan/liter, and 1.87 yuan/liter, respectively. With the price adjustment implemented, the price of 92-octane gasoline nationwide will fully rise into the “9-yuan era,” and private car owners will spend about 87 yuan more to fill a 50-liter tank of 92-octane gasoline.

Liu Ting, a refined oil analyst at Longzhong Information, stated that there is no longer any doubt about this round of price increases. From the supply side, there are no signs of easing in the US-Israel conflict; the Strait of Hormuz remains blocked, with only a few ships able to pass through. Oil-producing countries like Saudi Arabia have been forced to cut production, increasing supply risks and supporting oil prices.

“Global demand remains weak, and some institutions worry that escalating geopolitical conflicts could drag down the economy and oil consumption. The Federal Reserve is also unlikely to cut interest rates in the short term, and some even support rate hikes,” Liu Ting said.

After this price adjustment, costs for household travel and the logistics industry will see significant increases. Data from Zhuochuang Information shows that, based on private cars traveling 2,000 km per month with an average fuel consumption of 8 liters per 100 km, the fuel cost per vehicle will increase by about 138 yuan before the next price adjustment window (24:00 on April 7, 2026). In the logistics industry, for heavy trucks traveling 10,000 km per month with an average fuel consumption of 38 liters per 100 km, the fuel cost per vehicle will increase by approximately 3,553 yuan.