The international oil price has dropped, and the domestic refined oil ex-factory price has also dropped. Will the retail price of refined oil, which is most concerned to the people, follow up? On January 13, Jiang Jiemin, deputy general manager of China National Petroleum Corporation and president of China National Petroleum Corporation, said: “My judgment is that it will not be lowered at present.†Jiang Jiemin made the above remarks when answering a question from the reporter of “Economic Information Dailyâ€. of. He said that according to the current pricing mechanism for refined oil products in China, the prices of oil products in the terminal market are under the control of the relevant national ministries and commissions, not China Petroleum. China, as a big oil-consuming country, imported more than 120 million tons of imported oil last year. When international crude oil futures prices exceeded US$55/barrel, in order to stabilize the domestic oil product market, the relevant national ministries did not approve the increase in refined oil retail prices. For a long time, the domestic oil price was lower than the international oil price. PetroChina and Sinopec once operated at a loss. Recently, the decline in international oil prices and the domestic retail prices of refined oil products have not been adjusted. In a sense, it is related to the inadequacy of domestic oil prices in the previous period. The reporter noted that according to the “Circular on Adjustment of Refined Oil Price†issued by the National Development and Reform Commission, from March to August 2004, with the rise in international crude oil prices, domestic oil prices have been raised 3 times. In Beijing, No. 90 gasoline rose to 3.42 yuan per liter; No. 97 gasoline rose to 3.90 yuan per liter. Since then, international oil prices have been skyrocketing. By late October 2004, the price of crude oil on the New York Mercantile Exchange had exceeded US$55 per barrel, and domestic refined oil prices have not been raised accordingly. It is understood that at that time, domestic oil prices were lower than international prices, and foreign aircraft and ships were willing to go to China to refuel. However, the international oil prices fell next. On December 10, 2004, the New York oil futures price fell to 40.71 US dollars / barrel. Affected by this, according to the recent domestic and international crude oil and refined oil price conditions, PetroChina and Sinopec have adjusted the refining and sales settlement prices of internal refined oil products. PetroChina's factory prices for gasoline and diesel were reduced by 160 yuan per ton. The ex-factory price of No. 90 high-clean gasoline delivered by Sinopec Refining Company to the sales company was reduced by 150 yuan per ton. The export price of No. 0 diesel was reduced by 150 yuan per ton. The prices of other brands of gasoline and diesel were adjusted according to the quality ratio. During the interview, the reporter learned that after the reduction in the ex-factory price of refined oil, the general concern of the society was whether the retail price of refined oil could be followed up in a timely manner. Due to the lack of understanding of China's current pricing mechanism for refined oil products, some people believe that the two major groups of PetroChina and Sinopec only lowered the ex-factory price without lowering the sales price, but simply shifted the group’s profits from one pocket to another. There is no material impact on the group's interests. It is understood that the pricing power of China's refined oil retail price is in the National Development and Reform Commission.
Jiang Jiemin: The retail price of refined oil will not decrease with the ex-factory price
The international oil price has dropped, and the domestic refined oil ex-factory price has also dropped. Will the retail price of refined oil, which is most concerned to the people, follow up? On January 13, Jiang Jiemin, deputy general manager of China National Petroleum Corporation and president of China National Petroleum Corporation, said: “My judgment is that it will not be lowered at present.†Jiang Jiemin made the above remarks when answering a question from the reporter of “Economic Information Dailyâ€. of. He said that according to the current pricing mechanism for refined oil products in China, the prices of oil products in the terminal market are under the control of the relevant national ministries and commissions, not China Petroleum. China, as a big oil-consuming country, imported more than 120 million tons of imported oil last year. When international crude oil futures prices exceeded US$55/barrel, in order to stabilize the domestic oil product market, the relevant national ministries did not approve the increase in refined oil retail prices. For a long time, the domestic oil price was lower than the international oil price. PetroChina and Sinopec once operated at a loss. Recently, the decline in international oil prices and the domestic retail prices of refined oil products have not been adjusted. In a sense, it is related to the inadequacy of domestic oil prices in the previous period. The reporter noted that according to the “Circular on Adjustment of Refined Oil Price†issued by the National Development and Reform Commission, from March to August 2004, with the rise in international crude oil prices, domestic oil prices have been raised 3 times. In Beijing, No. 90 gasoline rose to 3.42 yuan per liter; No. 97 gasoline rose to 3.90 yuan per liter. Since then, international oil prices have been skyrocketing. By late October 2004, the price of crude oil on the New York Mercantile Exchange had exceeded US$55 per barrel, and domestic refined oil prices have not been raised accordingly. It is understood that at that time, domestic oil prices were lower than international prices, and foreign aircraft and ships were willing to go to China to refuel. However, the international oil prices fell next. On December 10, 2004, the New York oil futures price fell to 40.71 US dollars / barrel. Affected by this, according to the recent domestic and international crude oil and refined oil price conditions, PetroChina and Sinopec have adjusted the refining and sales settlement prices of internal refined oil products. PetroChina's factory prices for gasoline and diesel were reduced by 160 yuan per ton. The ex-factory price of No. 90 high-clean gasoline delivered by Sinopec Refining Company to the sales company was reduced by 150 yuan per ton. The export price of No. 0 diesel was reduced by 150 yuan per ton. The prices of other brands of gasoline and diesel were adjusted according to the quality ratio. During the interview, the reporter learned that after the reduction in the ex-factory price of refined oil, the general concern of the society was whether the retail price of refined oil could be followed up in a timely manner. Due to the lack of understanding of China's current pricing mechanism for refined oil products, some people believe that the two major groups of PetroChina and Sinopec only lowered the ex-factory price without lowering the sales price, but simply shifted the group’s profits from one pocket to another. There is no material impact on the group's interests. It is understood that the pricing power of China's refined oil retail price is in the National Development and Reform Commission.