Will The Oil Price Reform Change?

For China's refined oil price Follow up, not fall Aggrieved Chinese consumers heard a mixed piece of news on August 22nd.

On August 16, an internal source of the national development and Reform Commission told the media that the government was stepping up the reform of the oil product pricing mechanism currently being tried out. In the internal discussion, it was recognized that the current pricing mechanism was not mature, and that the 22 working days of the price adjustment reference cycle might be shortened to 10 days, but it is not likely to delegate power to enterprises.

The current pricing mechanism of refined oil products is not satisfied by departments, enterprises and consumers. On May 8, 2009, the relevant departments issued the petroleum price management measures (for Trial Implementation). The core content is that when the moving average price of crude oil in the international market (with Brent, Xinta and Dubai as the benchmark) changes by more than 4% for 22 consecutive working days, the domestic refined oil price can be adjusted accordingly. At the same time, in order to stabilize inflation expectations and ensure corporate profits, the upper and lower limits of $130 and $80 per barrel were set.

A series of mechanisms have emerged malpractice 。 Because it is very difficult to meet the 4% requirement in 22 working days in recent two years, when the international crude oil price rises, the domestic oil product price rises and falls The price is firm It's a strange phenomenon. Some insiders collected three time points: US $102.45/barrel on September 24, 2008, US $102.59/barrel on February 17, 2011 and US $102.57/barrel on August 9, 2011. The reporter found that the average prices of 93 gasoline at the above three time points were 7750 yuan / ton, 8681 yuan / ton and 9306 yuan / ton; the average prices of diesel oil were 7300 yuan / ton, 8069 yuan / ton and 8307 yuan / ton respectively.

Such a price adjustment mechanism makes domestic consumers the biggest victims. Sinopec Hong Kong service station company announced to cut gasoline and diesel prices by HK $0.1 and HK $0.18 respectively since the early morning of August 10. After the reduction, the prices of super gasoline and gasoline in Hong Kong were HK $17.34 and HK $16.4 per litre, and diesel oil prices were HK $11.6 per litre. This is also the fourth price adjustment of Sinopec Hong Kong since May. It has been lowered three times and raised once. It is Sinopec. Why is the difference so big? Why should we be so generous?

Not only consumers are hurt, but also China's oil industry. So clear Pricing model As long as the domestic investors can control the oil price within 4 days, they can control the oil price within 4 days. Whether China wants to increase its strategic reserves or whether it wants oil companies to increase their commercial reserves, international investors are in control of everything. The strategic security of China's oil has become the biggest insecurity factor. Therefore, the import and export of large oil enterprises are always out of step. They import at high prices and export in large quantities at low prices. At last, the Chinese people pay the bill.

Can China's domestic oil safety be changed by 22 days of discrimination? It should be acknowledged that there will be some improvement, but there will be no fundamental change.

Whether the pricing mechanism of crude oil has been changed for 22 months or by the domestic market, whether it is decided by the price fluctuation mechanism of crude oil for 10 and a half days, it is still decided by the domestic market. The reason why Hong Kong has such a rapid price change is that there are several refined oil retailers such as Caltex, Sinopec and shell in the Hong Kong market. The market is completely open, and the price is adjusted by the company according to market changes. The pricing power lies with the company.

In the case of domestic monopoly, it is obviously inappropriate for the company to have the pricing power. Monopoly prices may arise. At this time, we should first increase the number of competitors in the oil market, at least five or so competitors, all of whom have the right to import oil sources. At this time, there will be a market bidding mechanism. The balance of prices will naturally incline to consumers, and the price fluctuation of enterprises in the international market will be even more severe More sensitive, because they can't pass on costs to consumers at this time.

A three dissatisfied pricing mechanism reflects a distorted market structure. If the distorted structure is corrected, the price will be straightened out naturally. Why should the relevant parties pay close attention to it? As long as the oil strategy is established reserve Mechanism, establish market competition mechanism and break oil source MONOPOLY That's fine.