Domestic refined oil prices adjusted oil prices into the "8" era

The National Development and Reform Commission has raised gasoline and diesel prices since midnight on the 7th. This is the second time since 2011 that the National Development and Reform Commission raised the ceiling price of refined oil products. It is also the increase in gasoline price since the implementation of the new refined oil pricing mechanism at the end of 2008. The second time reached 500 yuan per ton and above. After adjustment, the retail price of 97 gasoline in Beijing has reached 8.36 yuan per litre. The retail price of refined oil in China has entered the "8" era for the first time.

Is the domestic refined oil price adjustment in place? How does the adjustment of oil prices affect inflation? In the era of high oil prices, how should we respond? The reporter interviewed related parties on the above issues.

Domestic oil prices first entered the "8" era National Development and Reform Commission announced on the evening of the 6th that the petrol and diesel retail price ceilings will increase by 500 yuan and 400 yuan per ton respectively since midnight on the 7th, equivalent to the 90th gasoline and the 0th diesel. The average increase was 0.37 yuan and 0.34 yuan per litre respectively. After adjustment, the retail price of 97 gasoline in Beijing has reached 8.36 yuan per litre. The retail price of refined oil in China has entered the "8" era for the first time.

At 21:50 on the 6th, reporters at the PetroChina Xuanwumen gas station saw that vehicles queued for refueling were about 500 meters.

Mr. Wang, who lives in Beiyuan homeland and drove 1.6L Nissan Allway, said that after the price adjustment of refined oil products, consumer spending increased by RMB 60 per month. Although this does not seem like a lot, taking into account the prices raised several times in a row, the burden has increased. Less, he intends to drive less to work later.

“There are two cars in the house. Recently, Beijing has raised the price of parking fees. In the future, it is necessary to reduce the number of cars traveling at the same time.” Ms. Zhang, who works at a bank in Beijing, told reporters.

On the evening of the evening on the taxi that the reporter boarded, the master driver of Beijing Dadi Taxi Company complained to the reporter: “Operating costs have increased a lot after the oil price increase. I do not know when I can give subsidies.”

The National Development and Reform Commission stated that after adjusting prices of refined oil products, the country will continue to support grain-growing farmers and fisheries (including offshore fishing) in accordance with the subsidy mechanism for some difficult groups such as grain-growing farmers and public welfare industries established during the comprehensive reform of oil prices in 2006. ), forestry, urban public transport, and rural road passenger transport (including inter-island and rural waterway passenger transport) are subsidized, and temporary subsidies are provided to the taxi industry.

Recently, due to the turmoil in the Middle East and North Africa, especially in Libya, international oil prices have continued to rise sharply. On the 6th, driven by the turmoil in the Middle East and the weakening of the US dollar, the light crude oil futures for May delivery on the New York Mercantile Exchange closed at $108.83 a barrel, the highest price since September 2008. Most agencies predict that the impact of political turmoil in Libya on the oil market will not be eliminated in the short term, and that the demand for oil from Japan’s post-disaster reconstruction and alternative nuclear power may increase significantly. In the coming days, oil prices in the international market will continue to show high levels of performance.

Zhuo Chuang Liu Feng, analyst of refined oil product market, predicts that under the support of higher international oil prices, the later period of domestic gasoline prices will enter the “8” era or even higher will not be far.

The adjustment of domestic refined oil prices is in place. On the one hand, it is the continuously high oil prices. On the other hand, the oil companies have a strong profitability. As in previous upgrades, the increase in refined oil prices once again raised public doubts about the high profits of oil companies.

The just-announced 2010 annual report shows that due to the increase in the price of oil and gas products and the increase in output, CNPC’s net profit in 2010 was close to 140 billion yuan, and Sinopec’s net profit was 71.8 billion yuan.

However, in fact, in 2010, due to the fact that domestic refined oil price adjustments were not yet fully in place compared with international crude oil prices, the profitability of PetroChina and Sinopec's refining and chemical business segments of China's two major oil refiners fell by 54.7% and 42.4% respectively year-on-year.

For the price adjustment, the National Development and Reform Commission made it clear that the rise in oil prices was not in place. If the domestic refined oil price is adjusted according to the current international market price and the current refined oil price mechanism, the price increase rate will greatly exceed the level of this arrangement.

Liu Feng said that since the last price adjustment, international oil prices have risen more than 20% cumulatively. Therefore, despite the relatively large price adjustments, domestic refined oil prices have not been fully adjusted and there is still room for 30% to 40%.

The integration with international crude oil prices is the long-term direction of domestic refined oil price reform. With China's foreign oil dependence already exceeding 55%, it is very difficult for domestic oil companies to avoid the high cost risk caused by the surge in crude oil. Therefore, once crude oil processing can not guarantee its profits, inspections and stoppages have become the primary means for companies to avoid risks, causing panic-stricken goods in the market and creating “oil shortages”.

In fact, since the last price adjustment has already compressed the price increase rate, and with the continuous soaring of international crude oil prices, the cost of refining of domestic companies has been high, especially in the refining margin has been at the edge of loss, the main unit control and sales, The suspension of the batch is serious and adjustments are already imperative.

The relevant person in charge of the National Development and Reform Commission said that under the premise of adhering to the track system, considering comprehensively the economic operation and price situation, properly adjusting domestic refined oil prices is conducive to the stable operation and sustainable development of the national economy.

Deng Yong, an analyst at Haitong Securities’ petrochemical industry, believes that international crude oil prices will continue to remain high in the first quarter of this year. After the adjustment of refined oil prices, the domestic refining business in the first quarter is expected to obtain low but stable earnings. In addition, the spread of chemical products has continued to widen, which has helped oil companies to achieve good results in the first quarter of 2011.

Whether it will increase domestic inflation pressure Under the current background of relatively severe inflation pressures, will the increase in refined oil prices increase domestic inflation pressure?

The National Development and Reform Commission said that timely adjustment of domestic refined oil prices and the full use of price leverage adjustment and guidance will help encourage enterprises to make full use of both domestic and international markets and resources.

Lu Bin, an analyst at Zhuo Chuang Information Oil Market, pointed out that the rise in refined oil prices will first of all directly affect the transportation sector, including urban public transport, railway passenger and freight transportation, rural road passenger transport, and leasing. The price adjustment of refined oil will directly boost the prices of its downstream products, and will directly impact the ex-factory price of industrial products (PPI). The increase in refined oil prices will undoubtedly push up inflation risks.

Zhang Liqun, a researcher at the Macroeconomic Department of the Development Research Center of the State Council, said in an interview earlier this week that the impact of international oil prices on CPI will mainly affect the household consumption and transportation costs of residents through the adjustment of refined oil prices. However, in accordance with the current pricing mechanism, China regulates refined oil prices and appropriately mitigates the impact of large international oil price fluctuations on the domestic economy, so the impact will not be too great.

The Outline of the "Twelfth Five-Year Plan" proposes that China must deepen the reform of resource product prices. Establish and improve price formation mechanisms for resource products that can flexibly reflect market supply and demand, resource scarcity and environmental damage costs, and promote structural adjustment, resource conservation and environmental protection.

At the end of last year, the person in charge of the Price Division of the National Development and Reform Commission once stated that it plans to further improve and improve the mechanism for the formation of refined oil prices on the basis of fully listening to opinions from all parties, so that it can better and more flexibly reflect changes in the market supply and demand.

Zhu Yuqin, analyst of Zhuo Chuang Information Refined Oil Market, said that under the pressure of rising domestic total price level, China insists on smoothing the price of refined oil products according to the price mechanism, which shows the determination of persisting in the reform direction of price formation mechanism of resource products.

However, she also said that the more stringent inflation situation undoubtedly made it more difficult to further improve the mechanism for the formation of refined oil prices.

Professor Lin Boqiang of the China Energy Economics Research Center at Xiamen University suggested that the key to the high oil price era is to increase energy conservation and emission reduction efforts. First, reform of the price formation mechanism will lead to a more cost-effective oil consumption model; second, accelerate the development of alternative energy sources; Increase oil reserves so that you can take precautions.