When the debate over the pricing mechanism for refined oil products is raging in the market, the NDRC is prepared to conduct an assessment of the implementation of this mechanism.
The reporter learned from the NDRC on the previous day that the NDRC will shortly summarize the situation of all parties since the implementation of the new refined oil pricing mechanism, evaluate the advantages and disadvantages of the mechanism through market feedback, and further improve it accordingly.
The National Development and Reform Commission (NDRC) announced on August 3 the recent progress in the price reform of energy and resource products. The article mentioned that it will continue to resolutely implement the State Council approved oil product pricing mechanism. At the same time, we must fully consider the affordability of all sectors of society and timely adjust and appropriately control the price of refined oil. At the same time, “under the current operating system, the promotion of refined oil price reform will also face many contradictions and problems, and the relevant systems need to be continuously improvedâ€.
As the NDRC said, since the new refined oil pricing mechanism came out in December last year, many problems have arisen in the course of practice. Apart from the fact that price adjustments have not been criticized in a timely manner, the parties to the new mechanism should not be able to deal with it transparently.
According to the current implementation of the refined oil price formation mechanism, domestic refined oil prices are based on crude oil prices in the international market, plus domestic average processing costs, taxes, liquidity costs, and appropriate profits. When crude oil in the international market changes for more than 4% for a period of 22 consecutive working days, domestic refined oil prices may be adjusted accordingly.
According to media reports, PetroChina and Sinopec had previously communicated with relevant departments of the National Development and Reform Commission, hoping to further improve the oil price management measures. The two giants believe that this method makes the price adjustment mechanism for refined oil products too simple and transparent, leading to speculation and the phenomenon of counterfeit goods occurring in various places, which is not conducive to the stability of the order of the entire oil product market. They suggested adopting a variety of methods to obfuscate the new pricing mechanism for refined oil products, including the calculation of international refined oil prices and the extent of price adjustments and adjustments that need to be adjusted. For example, the 4% of the original plan should be designed as an interval such as 4 Between 10% and 10%.
Although the propaganda department of the Sinopec Group later denied that the group had published the above statement and stated that it would strictly implement the national policy, the market's dispute over the new mechanism has indeed been exposed.
"The current mechanism has the following problems. First of all, there is no response to the supply and demand relationship in the price adjustment mechanism. The market supply and demand relationship should have been an important factor in price," said Zhong Jian, deputy general manager of Dongfang Oil & Gas. "Secondly, we should specify the maximum extent of price adjustment, cut the peak value of maximum amps, thereby suppressing the excessive expansion expected by the market. In addition, it is necessary to adjust prices in time and in accordance with the stipulated time, so as not to accumulate excessive domestic and foreign oil price differences and reduce the strong market. It is expected that speculation will be controlled by reducing expectations.†In addition, experts in the industry stated that it is possible to relax the policy on refined oil imports so that when international oil prices are lower than domestic oil prices, it is convenient for middlemen to use low-priced imported oil to contain domestic resources due to monopoly of resources. High oil prices.
"About '22 working days, the rate of change can be adjusted to 4% can be adjusted accordingly, the maximum price is not limited to the lowest price' is a good provision, it should be adhered to." Zhong Jian said.
The reporter learned from the NDRC on the previous day that the NDRC will shortly summarize the situation of all parties since the implementation of the new refined oil pricing mechanism, evaluate the advantages and disadvantages of the mechanism through market feedback, and further improve it accordingly.
The National Development and Reform Commission (NDRC) announced on August 3 the recent progress in the price reform of energy and resource products. The article mentioned that it will continue to resolutely implement the State Council approved oil product pricing mechanism. At the same time, we must fully consider the affordability of all sectors of society and timely adjust and appropriately control the price of refined oil. At the same time, “under the current operating system, the promotion of refined oil price reform will also face many contradictions and problems, and the relevant systems need to be continuously improvedâ€.
As the NDRC said, since the new refined oil pricing mechanism came out in December last year, many problems have arisen in the course of practice. Apart from the fact that price adjustments have not been criticized in a timely manner, the parties to the new mechanism should not be able to deal with it transparently.
According to the current implementation of the refined oil price formation mechanism, domestic refined oil prices are based on crude oil prices in the international market, plus domestic average processing costs, taxes, liquidity costs, and appropriate profits. When crude oil in the international market changes for more than 4% for a period of 22 consecutive working days, domestic refined oil prices may be adjusted accordingly.
According to media reports, PetroChina and Sinopec had previously communicated with relevant departments of the National Development and Reform Commission, hoping to further improve the oil price management measures. The two giants believe that this method makes the price adjustment mechanism for refined oil products too simple and transparent, leading to speculation and the phenomenon of counterfeit goods occurring in various places, which is not conducive to the stability of the order of the entire oil product market. They suggested adopting a variety of methods to obfuscate the new pricing mechanism for refined oil products, including the calculation of international refined oil prices and the extent of price adjustments and adjustments that need to be adjusted. For example, the 4% of the original plan should be designed as an interval such as 4 Between 10% and 10%.
Although the propaganda department of the Sinopec Group later denied that the group had published the above statement and stated that it would strictly implement the national policy, the market's dispute over the new mechanism has indeed been exposed.
"The current mechanism has the following problems. First of all, there is no response to the supply and demand relationship in the price adjustment mechanism. The market supply and demand relationship should have been an important factor in price," said Zhong Jian, deputy general manager of Dongfang Oil & Gas. "Secondly, we should specify the maximum extent of price adjustment, cut the peak value of maximum amps, thereby suppressing the excessive expansion expected by the market. In addition, it is necessary to adjust prices in time and in accordance with the stipulated time, so as not to accumulate excessive domestic and foreign oil price differences and reduce the strong market. It is expected that speculation will be controlled by reducing expectations.†In addition, experts in the industry stated that it is possible to relax the policy on refined oil imports so that when international oil prices are lower than domestic oil prices, it is convenient for middlemen to use low-priced imported oil to contain domestic resources due to monopoly of resources. High oil prices.
"About '22 working days, the rate of change can be adjusted to 4% can be adjusted accordingly, the maximum price is not limited to the lowest price' is a good provision, it should be adhered to." Zhong Jian said.
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