At present, the international oil price is high, and the price level remains high, which may trigger imported inflation and pose a threat to economic recovery and stability. In particular, it may put pressure on the price changes and adjustments of domestic finished products, because according to the current oil price management measures, domestic The price of refined oil and the international crude oil price will be linked.
In view of the reality and future trends of the evolution of international oil prices, the country should take precautions and make early plans to avoid negative effects caused by the continued rise in oil prices, which may lead to a direct impact on the supply of domestic oil markets, especially when the international oil price exceeds US$130 On the occasion of / barrel, the policy was caught off guard when regulating domestic refined oil prices, resulting in a dilemma of no way to follow or no rules to follow.
The notification document does not break through the existing oil price management measures
According to the current national oil price management measures, the “floor price” and “ceiling price” are set for the domestic refined oil price adjustment mechanism, that is, the domestic refined oil price will not be lowered when the international crude oil price measured by the state is lower than US$40/barrel. When the international oil price calculated by the state is higher than US$100/barrel, the profit of refiners is no longer considered in the price formula when the oil price of refined products increases, and when the international oil price calculated by the state is higher than US$130/barrel, the domestic Refined oil prices no longer rise
The above is the “lower limit” and “upper limit” set in the original oil price management measures, the purpose is to ensure that domestic refined oil prices fluctuate greatly, which is not conducive to market stability.
The national energy policy goals mainly include three: one is to ensure energy security, that is, the stable supply of the market; the second is to improve the efficiency of energy utilization, which means that the least energy consumption can be exchanged for more GDP; the third is to take into account and maintain social equity , to ensure that the interests of stakeholders are protected.
It can be seen from this that the formulation and implementation of the national oil price management measures should fully consider the above objectives, that is, to seek a dynamic balance among the above objectives.
The recent notification document jointly issued by the two ministries and commissions did not break through the original intention and basic rules of the current oil price management measures. The price of refined oil will no longer be raised in stages, which is no different from the original policy.
The notification document fully considers the interests of refiners
The notification document recently issued by the two ministries and commissions also stipulates that when the international crude oil price exceeds 130 US dollars / barrel, the state will no longer increase the oil price of refined products, but the central government will provide corresponding price subsidies to oil refining enterprises, and the policy duration is temporary. Master by two months.
In this way, the above-mentioned notification document is a step further than the original price management method, that is, it stipulates that when the domestic product price is no longer raised, the price subsidy policy is implemented for oil refining enterprises, which is more reasonable and scientific in itself. It is consistent with general economic laws and logic, and takes into account the responsibility and interests of market entities to ensure supply.
The key to this policy adjustment is to reiterate the price adjustment ceiling and add new content, that is, to supplement the refined oil price subsidy mechanism. In essence, it is a positive attitude and action taken by the state to take the initiative in the context of continued turbulence in the international crude oil market. , strive to “prepare for a rainy day”, and at the same time formulate clear rules at the operational level, so as to provide a “reassuring pill” for oil refining enterprises to ensure the stable supply of the refined oil market, thereby improving the refining enterprises’ contribution to the refined oil market Confidence in guaranteed supply and continuous production.
In the notification document, the state clarifies the qualifications of market entities that can receive subsidies. It is very specific and clear. The oil refining enterprises that are eligible to apply for subsidies refer to the refined oil production and operation enterprises that produce, entrust processing and import gasoline and diesel in China, including Sinopec. , PetroChina and other state-owned enterprises’ refineries, local refineries and private refineries, etc.
The national refined oil pricing mechanism is constantly improving and advancing with the times
The national oil product price formation mechanism has undergone a long-term evolution process, which represents the process of deepening the market-oriented reform of the national oil and gas system, and the goal is to continuously move towards marketization.
In the early stage of the reform, the price reform of refined oil changed from a fixed price set by the government to a floating price. For example, it was first linked to the price of refined oil in the Singapore market, and then it was linked to the price of refined oil in Singapore, New York and Rotterdam. Later, it came to a mechanism linked to the international crude oil price.
In the linkage mechanism with international crude oil prices, the core is to determine the method of recurring domestic refined oil prices through international crude oil prices, and formulate a relatively scientific and operable refined oil price calculation formula.
