The National Development and Reform Commission recently announced that since the early morning of October 9, the prices of gasoline and diesel have dropped by 300 yuan per ton, equivalent to a decrease of 0.22 yuan and 0.26 yuan per liter respectively. The price of crude oil products such as Xinta and Brent was quoted at US$106.79/barrel and US$105.88/barrel on October 7, compared to April 7 (when the previous round of NDRC adjusted the retail price of gasoline and diesel) at US$120.48/barrel, US$122.67/ The price of barrels fell by about 11% and 13%. China's retail prices for this round of gasoline and diesel dropped by only 3% to 4%, which is significantly lower than the price cuts of international crude oil during the six months.
A number of people in the industry believe that the domestic retail price of petrol and diesel will be lower by 300 yuan/ton than that in the international market. This is mainly due to the fact that the pricing mechanism is not flexible enough, and the two major central enterprises control the sales channels and production. .
In response to this, the Development and Reform Commission said that problems such as “more ups and downs,†“ups and downs,†have not existed. The price formation mechanism of oil products and the price adjustment operation method are relatively complex. The pricing cycle is a moving average price of 22 working days. Although the peaks and troughs of changes in oil prices are ironed out, objectively, domestic and foreign price changes are not synchronized.
In some regions, wholesale prices rose. “Do not look down the retail price of gasoline and diesel, but for our retailers, the wholesale price of gasoline obtained from the central enterprises has actually increased.†Mr. Yang, general manager of a retail company in East China, told reporters yesterday. According to the reporter, refined oil resources have begun to become tense since the second half of this year, so the wholesale price in some areas has not been lowered.
According to common sense, the wholesale price of gasoline and diesel should also drop along the way, but Mr. Yang told reporters that before the price adjustment, the internal wholesale price of a petrol given to him by a central enterprise was 9300 yuan/ton, and yesterday's quotation was 9,400 yuan/ton. "International crude oil prices are falling, but the price quoted by central enterprises for retailers is higher."
"The main reason is that the resources are relatively tight." He said that due to the quality problems in the outsourcing of gasoline during the Sinopec Hunan region in May this year, the petrol standards adopted by the Sinopec headquarters and the qualifications of suppliers have put forward strict examination requirements. The reporter was informed that if the non-Sinopec system's external oil production enterprises are not within the scope of their procurement catalog, and the quality inspection report is unqualified, Sinopec will stop purchasing refined oil from them. This change caused the supply of gasoline and diesel oil in some parts of Sinopec to be insufficient. Instead, it had to transfer cargo from major oil companies such as PetroChina, causing the resources of the two major oil groups to become tense.
The situation encountered by Mr. Yang is not a single case. Li Hong, a refined oil analyst at the petrochemical consulting firm “Business Clubâ€, exemplifies that the average price of gasoline for the Shandong provincial refinery before the National Day was 8,723 yuan/ton, compared with 8,650 yuan/ton for October 9. Diesel, the festival The pre- and post-holiday quotes were 8,338 yuan/ton and 8,346 yuan/ton respectively, but rose by 8 yuan/ton after the holiday. “The reason why the gasoline wholesale price in the region could not fall is because there was a round of decline before the holiday and if it continues to lower prices, it will reduce its profitability. For diesel, the demand for diesel in the end market is still relatively It is strong, so the price of the product has been adequately supported, and the market inventory is also in a lower position, and the overall diesel resources are tight. Therefore, the country's downward adjustment of gasoline and diesel retail prices has little effect on the diesel market.â€
Whether the downward adjustment is sufficient. Mr. Yang said that from the perspective of consumers, the drop of RMB 300/t is indeed not very high.
The reporters inquired that crude oil products such as Xinta and Brent were sold on April 7 (the previous round of NDRC's adjustment of gasoline and diesel retail prices) at US$120.48/barrel and US$122.67/barrel, and the prices of the two products on October 7 were quoted. It was US$106.79/barrel and US$105.88/barrel, down 11% and around 13%. After China's retail price of gasoline and diesel fell, the decline of gasoline and diesel was only around 3% to 4%. The drop rate is obviously lower than the price cuts of international crude oil during the six months.
Mr. Yang said that the decline in the retail price of gasoline and diesel was slower than the overall decline in international crude oil prices, mainly because of the pricing mechanism in the domestic market.
The NDRC also stated that since the beginning of August, the debt crisis in the United States and Europe has increasingly undermined investor confidence, coupled with fears that the US and European economies have bottomed out and the international market oil prices have oscillated back down. “If you simply compare prices at the time, the international market The previous high of US$120 per barrel fell back to the current level, and the rate of decline did indeed exceed 4%. However, from the moving average of 22 consecutive working days, there was a gradual decline. It has only recently reached the 4% price adjustment boundary. As a result, the state decided to reduce the domestic refined oil prices appropriately.â€
"The pricing mechanism also has irrationality." Mr. Yang said, "If the decline is a little bigger, consumers are willing to buy gasoline and diesel, which may not be a bad thing for companies."
Li Hong and Zhuo Chuang Information analyst Liu Feng also believe that when the country determines the price adjustment rate, it will still put the economic benefits of the two major oil companies in a certain position. “The psychological impact of price adjustment is greater than the actual impact is certain. However, the loss situation of refinery companies can not be reversed temporarily. Assuming that the NDRC’s retail prices for gasoline and diesel are significantly reduced, then the two major oil companies will further tighten the supply of gasoline and diesel, but will Induced oil shortage." Therefore, the oil price issue is not only related to the pricing mechanism, but also related to the current domestic gasoline and diesel suppliers controlled by several major companies.
A number of people in the industry believe that the domestic retail price of petrol and diesel will be lower by 300 yuan/ton than that in the international market. This is mainly due to the fact that the pricing mechanism is not flexible enough, and the two major central enterprises control the sales channels and production. .
In response to this, the Development and Reform Commission said that problems such as “more ups and downs,†“ups and downs,†have not existed. The price formation mechanism of oil products and the price adjustment operation method are relatively complex. The pricing cycle is a moving average price of 22 working days. Although the peaks and troughs of changes in oil prices are ironed out, objectively, domestic and foreign price changes are not synchronized.
In some regions, wholesale prices rose. “Do not look down the retail price of gasoline and diesel, but for our retailers, the wholesale price of gasoline obtained from the central enterprises has actually increased.†Mr. Yang, general manager of a retail company in East China, told reporters yesterday. According to the reporter, refined oil resources have begun to become tense since the second half of this year, so the wholesale price in some areas has not been lowered.
According to common sense, the wholesale price of gasoline and diesel should also drop along the way, but Mr. Yang told reporters that before the price adjustment, the internal wholesale price of a petrol given to him by a central enterprise was 9300 yuan/ton, and yesterday's quotation was 9,400 yuan/ton. "International crude oil prices are falling, but the price quoted by central enterprises for retailers is higher."
"The main reason is that the resources are relatively tight." He said that due to the quality problems in the outsourcing of gasoline during the Sinopec Hunan region in May this year, the petrol standards adopted by the Sinopec headquarters and the qualifications of suppliers have put forward strict examination requirements. The reporter was informed that if the non-Sinopec system's external oil production enterprises are not within the scope of their procurement catalog, and the quality inspection report is unqualified, Sinopec will stop purchasing refined oil from them. This change caused the supply of gasoline and diesel oil in some parts of Sinopec to be insufficient. Instead, it had to transfer cargo from major oil companies such as PetroChina, causing the resources of the two major oil groups to become tense.
The situation encountered by Mr. Yang is not a single case. Li Hong, a refined oil analyst at the petrochemical consulting firm “Business Clubâ€, exemplifies that the average price of gasoline for the Shandong provincial refinery before the National Day was 8,723 yuan/ton, compared with 8,650 yuan/ton for October 9. Diesel, the festival The pre- and post-holiday quotes were 8,338 yuan/ton and 8,346 yuan/ton respectively, but rose by 8 yuan/ton after the holiday. “The reason why the gasoline wholesale price in the region could not fall is because there was a round of decline before the holiday and if it continues to lower prices, it will reduce its profitability. For diesel, the demand for diesel in the end market is still relatively It is strong, so the price of the product has been adequately supported, and the market inventory is also in a lower position, and the overall diesel resources are tight. Therefore, the country's downward adjustment of gasoline and diesel retail prices has little effect on the diesel market.â€
Whether the downward adjustment is sufficient. Mr. Yang said that from the perspective of consumers, the drop of RMB 300/t is indeed not very high.
The reporters inquired that crude oil products such as Xinta and Brent were sold on April 7 (the previous round of NDRC's adjustment of gasoline and diesel retail prices) at US$120.48/barrel and US$122.67/barrel, and the prices of the two products on October 7 were quoted. It was US$106.79/barrel and US$105.88/barrel, down 11% and around 13%. After China's retail price of gasoline and diesel fell, the decline of gasoline and diesel was only around 3% to 4%. The drop rate is obviously lower than the price cuts of international crude oil during the six months.
Mr. Yang said that the decline in the retail price of gasoline and diesel was slower than the overall decline in international crude oil prices, mainly because of the pricing mechanism in the domestic market.
The NDRC also stated that since the beginning of August, the debt crisis in the United States and Europe has increasingly undermined investor confidence, coupled with fears that the US and European economies have bottomed out and the international market oil prices have oscillated back down. “If you simply compare prices at the time, the international market The previous high of US$120 per barrel fell back to the current level, and the rate of decline did indeed exceed 4%. However, from the moving average of 22 consecutive working days, there was a gradual decline. It has only recently reached the 4% price adjustment boundary. As a result, the state decided to reduce the domestic refined oil prices appropriately.â€
"The pricing mechanism also has irrationality." Mr. Yang said, "If the decline is a little bigger, consumers are willing to buy gasoline and diesel, which may not be a bad thing for companies."
Li Hong and Zhuo Chuang Information analyst Liu Feng also believe that when the country determines the price adjustment rate, it will still put the economic benefits of the two major oil companies in a certain position. “The psychological impact of price adjustment is greater than the actual impact is certain. However, the loss situation of refinery companies can not be reversed temporarily. Assuming that the NDRC’s retail prices for gasoline and diesel are significantly reduced, then the two major oil companies will further tighten the supply of gasoline and diesel, but will Induced oil shortage." Therefore, the oil price issue is not only related to the pricing mechanism, but also related to the current domestic gasoline and diesel suppliers controlled by several major companies.
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