China will lower retail price caps for gasoline and diesel at 24:00 on Aug 14,
the fifth cut this year. Retail ceilings fall by 230 yuan/tonne for gasoline and
220 yuan/tonne for diesel, equivalent to per‑litre cuts of 92‑octane -0.18
yuan/litre, 95‑octane -0.19 yuan/litre and 0# diesel -0.19 yuan/litre. During
the pricing cycle Middle East tensions intensified and China’s crude-price
change rate swung negative. Short-term prospects for reopening of the Strait of
Hormuz are unclear, keeping international oil prices biased high and volatile. A
new round of crude-price change rate has opened in positive territory; the
opening day's equivalent upward adjustment would be 150 yuan/tonne. Next pricing
window is 24:00 on Aug 28.
