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Refined oil pricing mechanism, "the market" road remote?
Source:China Fertilizer Net   Author:Ping Dongning   Time:2010-08-27   Read:1370second  

        Any refined oil pricing of hair straw will be in the market caused more waves. August 25, 2010, the National Development and Reform Commission "will close assessment of refined oil pricing mechanism," the statement is true.
        
A common view is that in the past for a long period of time, existing, pilot of the refined oil pricing mechanism to bear too much from domestic oil companies and two people in two aspects of social pressure, and this objective the promotion of the official restart mechanism for assessing the pace of the foregoing.
        
However, widely believed, despite the resumption of assessment, but sandwiched between the oil enterprises Development and Reform Commission and the public must issue "difficult to zai," the sigh. Meanwhile, due to differences in the interests of the refined oil pricing mechanism, "the market" of the road is still remote.
        
August 25, the relevant departments of the State Development and Reform Commission who confirmed that currently the existing research on domestic refined oil pricing mechanism to make adjustments. The source said the revised pricing mechanism for refined oil will be more flexible and better reflect the costs of market and business changes.
        
26, comb newspaper found that this is the last on Dec. 23, after fine-tuning of refined oil pricing mechanism, on the above mechanism, the National Development and Reform Commission for the first time this year, hit the "sensitive" topic. Therefore, the message is issued, immediately raised concerns in a wider context, particularly in the current domestic oil prices "do not chase chase down" the market trend.
        
Statistics show that at 26, from June 1 this year, the last price adjustment, the domestic refined oil prices even over 3 months will not be adjusted. From market sources said, since the late 2008 introduction of the new oil pricing mechanism, this is the addition this year, domestic oil prices in March hit around 4 months fixed, the longest of its time waiting for a price adjustment. In these 3 months, similar to "chase the chase or not" the case is not the first time. Zhuo record information from the agency's data show that since June 1 cut retail prices of domestic refined oil, the international crude oil prices have shifted, less than two months, the volatility of crude oil situation would make three changes in the rate of two mobile degree requirements across the country "4%" price adjustment red line. In this context, the market has predicted early in July, in mid-July and the end of July for the domestic oil price adjustment on the window to open.
        
However, "do not pursue or chase the" usual form, the information agency predicted three price adjustment is also not open the window. In this context, a debate on the official market will inevitably expand. During this period, public information agencies once finger at the National Development and Reform, they believe that the current oil price mechanism and the "oil price control measures" are "distorted", "Development and Reform Commission rules are set, how counted, They have the final say. "who asked not to be named, oil analysts told us before.
        
The more, the domestic refined oil, "when the drop did not fall," the reality of the outside world once believed that the real market for refined oil price adjustment mechanism behavior is complicated by the interests behind the controversy, and this period, the Development and Reform Commission to the domestic oil majors to provide "sanctuary." After all, according to Sinopec, PetroChina reported a first half of the two groups, the two giant oil refining profits in the first half is not, therefore, consider the two giants of the refining margin, "man-made price adjustment delay time" is not out.
        
However, as the NDRC, the two giants do not seem to appreciate their many statements that the current oil pricing mechanism of discontent. In just the past month, the NDRC said terms "reduced domestic oil prices conditions do not have" the background, including the two giant markets, and in Shandong over to the domestic oil product market directly to bypass the city of National Development and Reform Committee, on their own price cuts. In response, the industry, said the behavior is tantamount to an attempt to safeguard the interests of the oil enterprises NDRC "resounding blow." So, faced with pressure from all sides, Development and Reform Commission "restart assessment" refined oil pricing mechanism of action, it is rational. In fact, on the refined oil pricing mechanism reform calls for a long time.
        
January 28 this year, the National Development and Reform Commission deputy director of weeks the price had already said Wang Jun, the State Development and Reform Commission in 2010 oil prices will adjust the details of management practices, and will seek community views on the appropriate way. Two year period, the National People's Congress, the oil subsidiary of Sinopec, general manager of Jiangxi Guo Chen also proposed to reduce the price adjustment provisions of the existing mechanism interval to 10 days, and the right to delegate a certain range of price adjustment of oil companies, the appropriate standards to improve the country gasoline prices Ⅲ .
        
Without exception, the proposal for the implementation of the market on May 8 last year, the State Development and Reform Commission issued the "oil price management (for trial)." After all, the industry view, the "ways" there are many ambiguities. Lack of transparency in the pricing mechanism, namely, the average processing costs of domestic oil and appropriate profit target is not clear on two widely criticized by market participants, in addition to the frame of reference, namely, in the end is how the international crude oil according to the standard implementation of the "22 +4%" The price adjustment criteria remains controversial.
        
In this regard, Zhuo Chen Ching Chong oil editor of the newspaper that the current oil pricing mechanism is not perfect it is recognized by Development and Reform Commission, the defects in the mechanism, the refined oil price increases are often around the store when the oil phenomenon price adjustment there is a certain lag time, and taking into account the economic and livelihood status, rate increases are often not in place, and sometimes did not fully reflect the cost of production. This leads to oil price adjustment in oil prices and consumers 'two-defeating'.
        
At the same time, Chen Qing, said since the promulgation of the new pricing mechanism, there has been a number of vague terms such as "Under the new oil pricing mechanism, when the international crude oil prices above 80 U.S. dollars a barrel, the profit margins began to reduce processing until zero profits calculated by processing oil prices; dollars per barrel higher than 130, according to both the producer, consumer interests, to take appropriate fiscal policies to ensure the production and supply of refined oil, gasoline and diesel prices in principle, provide or less mention of the " . Pricing mechanism is clear that when the international price of oil dollars and 130 U.S. dollars a barrel more than 80-130 the two control conditions. However, the price range in the two policy statements are too general and lack specific details. Since this year, failed on price adjustment and price adjustment to the conditions do not tend to make pricing more blurred.
        
Chen Ching said that for now happened, we all can understand the ultimate power of interpretation of the so-called attribution of Development and Reform Commission, is to avoid the market a lot of speculation as to maintain market order. But in both cases above the price control can be said is at the expense of domestic oil production enterprises realized profits, inevitably arise in this case the production company as less profitable or even loss of supply reduction, and thus lead to the domestic market " shortage of oil "will further increase the possibilities.
        
How to change this unfavorable situation, despite the numerous recommendations given industry, however, for the moment, domestic oil, the average processing cost and profit of these two indicators is not appropriate clear. The average processing cost under the protection of the domestic oil refining enterprises are losing the initiative to reduce the production cost of enthusiasm. Meanwhile, several large oil enterprises in recent years, the performance report can also be seen, no matter what position in the international oil prices, refinery production costs, how to, oil sales enterprises are available to profit, not loss, "It can also be used to explain why both the level of international oil prices, how the international economic situation, several major domestic oil companies can achieve substantial profit."
        
In addition, the value index of Chinese Cui Xinsheng, chief researcher, said part of the action and speech coincide to some extent also reflected in the oil giant and the countless ties between the State Development and Reform Commission.
        
Therefore, all "while" wrapping and binding layers of interest, if not sort out the complicated relationship, then, is the industry's high expectations of the "refined oil pricing mechanism to a market economy" is bound to remain distant. At the same time, this also means that the future, caught in the oil enterprises and consumers and Reform Commission also continues to issue "difficult to zai," the sigh. (Feng Dongning)

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