Oil Prices May Return to 7-Yuan Range as China Prepares Next Fuel Price Adjustment

China is set to open its 13th domestic refined oil price adjustment window at 24:00 on July 3, under the country’s pricing cycle schedule. According to Jin10, with three statistical workdays remaining, about 70% of the current pricing cycle has been completed. During this cycle, the projected decline in fuel prices has continued to widen for six consecutive days, expanding from an initial drop of more than 0.40 yuan per liter to more than 0.65 yuan per liter. The report said the trend toward a sizable cut has become difficult to reverse. The update said that if the adjustment proceeds as indicated, Friday evening could bring the first three consecutive fuel price cuts of the year, and would mark the fourth price reduction in 2026.