International oil prices rose at a high level in October, and the average level moved upward sequentially. The direct impact of cost transmission was compounded by differences in the gasoline and diesel supply and demand pattern, which led to differences in the profit performance of various gasoline and diesel sectors. Gasoline and diesel cracking price spreads continued to fall, and refinery processing profits were clearly lost; the trend of wholesale price spreads diverged, and terminal gas station diesel profits continued to be under pressure. High costs continued to be transmitted in November, diesel demand was resilient, regional resource misallocation problems continued, and the refined oil market may continue the “strong diesel and weak” pattern.

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