Oil prices have experienced a sharp decline! Is this a rare major reversal? Crude oil prices have made a complete 180-degree turnaround. After 92-gasoline surged by 1.72 yuan per liter, could a significant drop be imminent? The next price adjustment is scheduled for April 7, with national 92 and 95 gasoline prices under focus.
Time flies, and we are already approaching the end of March 2026. As April draws near, it is essential to review the developments in oil prices this year. Since the start of 2026, domestic refined oil prices have undergone a series of significant changes. Both U.S. crude oil and London Brent crude prices have risen across the board this year, leading to sustained increases in domestic gasoline and diesel prices.
So far, China's pricing authorities have completed six rounds of refined oil price adjustments. Following these adjustments, domestic gasoline and diesel prices have recorded five consecutive increases. The cumulative rise for 92 and 95 gasoline in 2026 has exceeded 1.72 yuan per liter, marking a stark contrast to the sharp declines seen in 2025 and indicating a rare reversal in trend.
However, as April approaches, oil prices may once again experience volatile declines. If this occurs, it would mark the first decrease in oil prices in 2026. The significant fluctuations in oil prices this year are largely attributed to escalating geopolitical tensions in the Middle East. Relations between the United States and Iran have continued to deteriorate, leading to a decline in Iran's crude oil exports. Particularly after February 28, when the U.S. and Israel launched a series of military strikes against Iran, Iran's crude oil exports saw a comprehensive decline.
In response, Iran not only carried out a series of retaliatory measures against the U.S. and Israel but also officially blocked and closed the Strait of Hormuz. As a critical global crude oil shipping route, the closure of the Strait of Hormuz has raised concerns about disruptions to the global crude oil supply chain. Prior to the closure, daily crude oil traffic through the strait amounted to approximately 20 million barrels. However, due to the blockade, daily traffic has now fallen to less than 1 million barrels. This has impacted crude oil supplies from Gulf oil-producing countries, contributing to the recent surge in international oil prices.
On March 24, the United States submitted a 15-point ceasefire proposal to Iran through Israel and Pakistan. If Iran agrees to the terms, geopolitical tensions in the Middle East could see significant improvement. Although no agreement has been reached so far, international markets have already reacted positively to the U.S. signals of de-escalation, with risk aversion easing and international oil prices showing a downward trend.
Based on the current global crude oil reference change rate, the next round of gasoline and diesel price adjustments, scheduled for 24:00 on April 7, is expected to result in a pre-adjusted decline of 220 yuan per ton. This would translate to a reduction of 0.19 yuan per liter for 92 and 95 gasoline and diesel prices. If geopolitical tensions in the Middle East continue to ease, the persistently high oil prices are likely to experience a broad-based decline. It is important for consumers to stay informed about these developments.
Below is a brief overview of the current 92 and 95 gasoline and diesel prices at fuel stations across various regions in China. We hope this information provides clarity for all concerned.