With the sharp fall in international oil prices, the supply and demand relationship in the domestic gasoline and diesel market has undergone major changes. Not only has the gasoline and diesel wholesale and retail reversed reversed, but the domestic wholesale prices of gasoline and diesel have continued to fall. Private gas stations have lowered their retail prices to promote sales. In addition, PetroChina and Sinopec's gas stations have also started to reduce the retail price of refined oil products in some areas.
People in the industry believe that the “hand of the market†is playing a role in some regions. The next step in the reform of the domestic refined oil market should be the adjustment of refined oil pricing to international standards and the establishment of a market-based price formation mechanism so that prices reflect market supply and demand information correctly.
Private gas stations were the first to cut prices, and the two giants followed. Since mid-October, a number of private gas stations in Beijing began to cut prices. The reporter learned from the interview that Beijing Tengyuan Xingye Petrol Station cuts prices significantly: the current retail price of No. 93 gasoline is 6.37 yuan per liter, while the price of the gas station is 5.8 yuan per liter; the average retail price is 6.78 yuan per liter. 97 gasoline, the gas station is selling 6.4 yuan per liter.
Not just social gas stations, some Sino-foreign joint venture gas stations have also launched promotions. According to the company’s service personnel, from the middle of October, nearly 10 Shell gas stations in Beijing launched a “1 yuan per 10 litre oil†promotion.
In recent days, some gas stations in Tianjin have also promoted sales. When they have filled up more than 128 yuan of gasoline, they can participate in sweepstakes. The top prize can also be exempted from this refueling fee. In addition, private oil stations in Xiamen, Shaanxi and other places have also cut prices, ranging. Although private gas stations in Shanghai have not yet lowered their prices, the heads of some private oil stations stated that they are brewing price reduction measures.
The price reduction of private gas stations has caused certain pressure on state-owned gas stations. PetroChina and Sinopec's gas stations in Hubei and Shandong have recently lowered the retail prices of gasoline and diesel, ranging from RMB 0.05 to RMB 0.2 per liter. On November 6th, relevant responsible persons of PetroChina and Sinopec Group Company successively stated that there was no directive on reducing the retail price of petroleum products at the head office level. The sales companies in each region had certain autonomy in the operation, and they were not excluded from the promotion of national policies. Within the scope of the possibility of appropriate price cuts.
For price reduction and promotion of privately-owned and state-owned gas stations, industry insiders generally stated that this kind of price reduction behavior is a normal market behavior, and the price reduction scope is also within the range stipulated by the state. According to the provisions of the Development and Reform Commission and other departments, the retail price of refined oil products at gas stations can be fluctuating by 8% based on the retail benchmark price prescribed by the state.
The market competition pattern of refined oil has begun to take shape The sharp decline in international oil prices has already changed the situation of the domestic oil price upside down. The refined oil wholesale market has sufficient resources and the price has fallen. The market's wholesale price and retail price are about 1,000 yuan per ton. Although the oil sources of private gas stations come from two major groups, the wholesale prices of the two major groups have fallen steadily due to the low purchasing atmosphere of social operators and end-users, and the wholesale price gap has increased. This has given private gas stations sufficient price reductions. space.
The actions of private gas station price cuts in turn made the two groups unable to remain silent. On November 6, the relevant responsible persons of PetroChina and Sinopec Group Company successively stated that under the premise of guaranteeing supplies, the oil company, as the main body of production and operation, must adhere to the market. guide. In the current situation where the supply of refined oil is relatively loose in the domestic market, it is normal for companies to lower their prices appropriately within the scope of national policies so as to reduce high stocks. This shows that state-owned oil companies may participate in the competition in the refined oil retail market.
In fact, China's refined oil retail market presents a relatively open market structure. On December 4, 2006, the Ministry of Commerce issued the "Measures for the Administration of the Refined Oil Market" and the "Administrative Measures for the Crude Oil Market", which stipulate that since January 1, 2007, it has begun to open up the wholesale operation right of domestic crude oil and refined oil. This broke the national unified configuration of crude oil resources and the two groups of PetroChina and Sinopec focused on wholesale oil products.
According to industry insiders, the new regulations ensure to a certain extent that the private oil companies and state-owned oil companies have a fair market competition environment and will play an active role in the country’s energy security.
From the “small step and fast run†to “one stepâ€, the smooth transition of oil prices can provide a good opportunity for the introduction of new pricing mechanisms. All along, due to high international oil prices, China has repeatedly raised the price of refined oil but failed to adjust its position. Just three months ago, domestic refined oil prices and international crude oil prices still have an inverted phenomenon of more than 2,000 yuan per ton. Taking into account the domestic consumer's resilience, the relevant experts proposed to straighten out the principle of “small steps and fast run†for refined oil prices. After two or three times the pains of price adjustments, domestic product oil prices will be brought into line with the international market.
However, the recent plunge in international crude oil prices has reversed this situation. Since the international oil price hit a high in July, it has rapidly and rapidly declined and has so far fallen by more than 50%. On the New York Mercantile Exchange in October and September, the international crude oil futures price fell 32% in a month, hitting the largest monthly decline since the establishment of the international crude oil futures market 25 years ago.
Insiders believe that the international oil price has entered a decline. Professor Dong Xiucheng, vice president of the School of Business Administration of China University of Petroleum, who has advocated "small steps to run" to achieve domestic refined oil prices, said that according to the current international oil price of 60 to 70 US dollars per barrel, China's refined oil pricing mechanism The reform can be realized in one step, and there is no need to increase the price upwards. On the contrary, the price will fall after convergence. At this time, the transition can achieve a smooth transition, and we should seize the current favorable opportunity to straighten out the refined oil pricing mechanism as soon as possible.
Energy expert and researcher Shen Yuedong of the Shanghai Academy of Sciences believes that the reform of the refined oil pricing mechanism is imperative. Despite the current decline in international oil prices and the sluggish demand for crude oil, it is only a setback from a long-term trend. The future trend of oil prices is still to be Rising because the fundamentals of supply and demand have not changed. On the other hand, the biggest problem China faces is that half of the oil demand depends on imports, and the degree of foreign dependence will increase year by year. All of these urgently require that we link domestic refined oil prices with international standards. Since sooner or later it is necessary to converge, the timing should be taken into account in the acceptance of the people. Now, the transition can be achieved smoothly.
People in the industry believe that the “hand of the market†is playing a role in some regions. The next step in the reform of the domestic refined oil market should be the adjustment of refined oil pricing to international standards and the establishment of a market-based price formation mechanism so that prices reflect market supply and demand information correctly.
Private gas stations were the first to cut prices, and the two giants followed. Since mid-October, a number of private gas stations in Beijing began to cut prices. The reporter learned from the interview that Beijing Tengyuan Xingye Petrol Station cuts prices significantly: the current retail price of No. 93 gasoline is 6.37 yuan per liter, while the price of the gas station is 5.8 yuan per liter; the average retail price is 6.78 yuan per liter. 97 gasoline, the gas station is selling 6.4 yuan per liter.
Not just social gas stations, some Sino-foreign joint venture gas stations have also launched promotions. According to the company’s service personnel, from the middle of October, nearly 10 Shell gas stations in Beijing launched a “1 yuan per 10 litre oil†promotion.
In recent days, some gas stations in Tianjin have also promoted sales. When they have filled up more than 128 yuan of gasoline, they can participate in sweepstakes. The top prize can also be exempted from this refueling fee. In addition, private oil stations in Xiamen, Shaanxi and other places have also cut prices, ranging. Although private gas stations in Shanghai have not yet lowered their prices, the heads of some private oil stations stated that they are brewing price reduction measures.
The price reduction of private gas stations has caused certain pressure on state-owned gas stations. PetroChina and Sinopec's gas stations in Hubei and Shandong have recently lowered the retail prices of gasoline and diesel, ranging from RMB 0.05 to RMB 0.2 per liter. On November 6th, relevant responsible persons of PetroChina and Sinopec Group Company successively stated that there was no directive on reducing the retail price of petroleum products at the head office level. The sales companies in each region had certain autonomy in the operation, and they were not excluded from the promotion of national policies. Within the scope of the possibility of appropriate price cuts.
For price reduction and promotion of privately-owned and state-owned gas stations, industry insiders generally stated that this kind of price reduction behavior is a normal market behavior, and the price reduction scope is also within the range stipulated by the state. According to the provisions of the Development and Reform Commission and other departments, the retail price of refined oil products at gas stations can be fluctuating by 8% based on the retail benchmark price prescribed by the state.
The market competition pattern of refined oil has begun to take shape The sharp decline in international oil prices has already changed the situation of the domestic oil price upside down. The refined oil wholesale market has sufficient resources and the price has fallen. The market's wholesale price and retail price are about 1,000 yuan per ton. Although the oil sources of private gas stations come from two major groups, the wholesale prices of the two major groups have fallen steadily due to the low purchasing atmosphere of social operators and end-users, and the wholesale price gap has increased. This has given private gas stations sufficient price reductions. space.
The actions of private gas station price cuts in turn made the two groups unable to remain silent. On November 6, the relevant responsible persons of PetroChina and Sinopec Group Company successively stated that under the premise of guaranteeing supplies, the oil company, as the main body of production and operation, must adhere to the market. guide. In the current situation where the supply of refined oil is relatively loose in the domestic market, it is normal for companies to lower their prices appropriately within the scope of national policies so as to reduce high stocks. This shows that state-owned oil companies may participate in the competition in the refined oil retail market.
In fact, China's refined oil retail market presents a relatively open market structure. On December 4, 2006, the Ministry of Commerce issued the "Measures for the Administration of the Refined Oil Market" and the "Administrative Measures for the Crude Oil Market", which stipulate that since January 1, 2007, it has begun to open up the wholesale operation right of domestic crude oil and refined oil. This broke the national unified configuration of crude oil resources and the two groups of PetroChina and Sinopec focused on wholesale oil products.
According to industry insiders, the new regulations ensure to a certain extent that the private oil companies and state-owned oil companies have a fair market competition environment and will play an active role in the country’s energy security.
From the “small step and fast run†to “one stepâ€, the smooth transition of oil prices can provide a good opportunity for the introduction of new pricing mechanisms. All along, due to high international oil prices, China has repeatedly raised the price of refined oil but failed to adjust its position. Just three months ago, domestic refined oil prices and international crude oil prices still have an inverted phenomenon of more than 2,000 yuan per ton. Taking into account the domestic consumer's resilience, the relevant experts proposed to straighten out the principle of “small steps and fast run†for refined oil prices. After two or three times the pains of price adjustments, domestic product oil prices will be brought into line with the international market.
However, the recent plunge in international crude oil prices has reversed this situation. Since the international oil price hit a high in July, it has rapidly and rapidly declined and has so far fallen by more than 50%. On the New York Mercantile Exchange in October and September, the international crude oil futures price fell 32% in a month, hitting the largest monthly decline since the establishment of the international crude oil futures market 25 years ago.
Insiders believe that the international oil price has entered a decline. Professor Dong Xiucheng, vice president of the School of Business Administration of China University of Petroleum, who has advocated "small steps to run" to achieve domestic refined oil prices, said that according to the current international oil price of 60 to 70 US dollars per barrel, China's refined oil pricing mechanism The reform can be realized in one step, and there is no need to increase the price upwards. On the contrary, the price will fall after convergence. At this time, the transition can achieve a smooth transition, and we should seize the current favorable opportunity to straighten out the refined oil pricing mechanism as soon as possible.
Energy expert and researcher Shen Yuedong of the Shanghai Academy of Sciences believes that the reform of the refined oil pricing mechanism is imperative. Despite the current decline in international oil prices and the sluggish demand for crude oil, it is only a setback from a long-term trend. The future trend of oil prices is still to be Rising because the fundamentals of supply and demand have not changed. On the other hand, the biggest problem China faces is that half of the oil demand depends on imports, and the degree of foreign dependence will increase year by year. All of these urgently require that we link domestic refined oil prices with international standards. Since sooner or later it is necessary to converge, the timing should be taken into account in the acceptance of the people. Now, the transition can be achieved smoothly.
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