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The prices of refined gasoline and diesel have been relatively strengthening, as per the Commodity Market Analysis System report. The cost of gasoline in the domestic market has experienced a half-month increase of 3.28 percent, which sums up to RMB 8693.6 per tonne. Meanwhile, diesel's domestic price has rose to RMB 7.656.6 per tonne, which is a half-month increase of 7.78 percent.

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International oil prices are being supported by a reduction in crude oil supply. However, the oil-manufacturing nations are fulfilling their commitments, but Russia's oil exports fell short of the quarterly plan in July, with only 370000 barrels per day.

A delay in the reduction of crude oil production is also expected by Saudi Arabia, which was estimated to be a cut of 1 million barrels per day until September. Furthermore, the number of active oil and gas drilling platforms in the United States has decreased for the 12th consecutive week, making it challenging to increase Shale oil production in the country.

On the other hand, the economic outlook of China has shown positive growth, as the U.S. economy shows signs of improvement and China's economic and demand prospects continue to get better. This has eased worries about a recession. As a result, the crude oil market has shown a significant increase. The refined oil market is closely connected to crude oil prices, and the cost aspect is strongly in favor of the domestic refined oil market. Consequently, the price trend for domestic refined oil has gone up.

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According to Procurement Resource, China's refined gasoline and diesel market has shown significant growth. The recovery in the economy and demand, along with the crude oil production cut by Saudia Arabia, Russia, and the U.S., are responsible for this growth.