The latest news on oil price adjustment on May 16: Why are oil prices rising so fast? Attach detailed reasons

May 16th will be the first oil price adjustment window this May, and there are reports online that oil prices may rise, which is bad news for the people. So what is the latest news on the oil price adjustment on May 16? Why are oil prices rising so fast? The detailed reasons are as follows:

1. Latest news on oil price adjustment on May 16

At 24:00 on May 16, 2022, the oil price is expected to increase by 210 yuan/ton, equivalent to 0.16 yuan-0.18 yuan/liter. From 2022 to now, oil prices have been adjusted 8 times, including 7 increases and 1 decrease. This has led to a sharp rise in oil prices this year. However, a new round of oil price adjustments will be carried out next week, and it is still expected to rise. If the increase cannot be reduced as soon as possible in the last few days, then oil prices will rise again next week.

On May 12, the 8th working day, it is predicted that the oil price will increase by 210 yuan/ton, equivalent to 0.16-0.18 yuan/liter. Calculated based on 50 liters, it will cost 8-9 yuan more to fill up. The oil price adjustment time is: 24:00 on May 16, 2022!

2. Why are oil prices rising so fast?

1. The reason why oil prices rose so fast: the rise in international oil prices

As of the close of May 11, international oil prices rose sharply. According to the New York Mercantile Exchange, light crude oil futures for June delivery rose by $5.95 to close at $105.71 a barrel, an increase of 5.96%; London Brent crude oil futures for July delivery rose by $5.05 to close at $107.51 a barrel, an increase of 4.93%.

2. The second reason why oil prices rose so fast: the upward trend is obvious

As of May 12, the 8th day of the 10 domestic pricing working days has been counted. The current crude oil change rate is +4.98%, and it is expected to increase by 210 yuan/ton, which is significantly higher than the adjustment red line of 50 yuan/ton. With two pricing working days left, the upward trend of this round of oil prices is already very obvious.

Although the oil price increase in this round of adjustment is not large, since the price of No. 95 gasoline in some parts of the country has been hovering between 8.9 yuan and 9 yuan per liter, after this round of adjustment, No. 95 gasoline in most parts of the country will return to the 9 yuan era. Taking Beijing as an example, before this round of adjustments, the market price of No. 92 gasoline was 8.46 yuan/liter and that of No. 95 gasoline was 9.01 yuan/liter.

Due to the frequent and large fluctuations in crude oil prices recently, the final price adjustment shall be based on the information released by the National Development and Reform Commission. The previous forecast is for reference only.