The National Development and Reform Commission announced on the 19th that the price of gasoline and diesel will increase by 600 yuan per ton from the midnight on March 20, equivalent to an average increase of 0.44 yuan and 0.51 yuan per liter for the country's No. 90 gasoline and No. 0 diesel. Analysts believe that the reasons for the large increase in refined oil prices, in addition to the recent large increase in international oil prices, do not rule out the NDRC to reduce the domestic and international oil price spreads, paving the way for the introduction of new product pricing mechanism.
According to relevant agencies, after the increase in oil prices, the spread between international oil prices and domestic oil prices narrowed to 15 US dollars per barrel. If the international oil prices in the later period have dropped, the timing of the new mechanism for refined oil pricing will undoubtedly further mature. China Securities Journal reporter learned that the upcoming pricing mechanism for new refined oil has reached a consensus on all levels. In addition to shortening the price adjustment period to 10 days, and referring to WTI oil prices, according to previous media reports, it is not ruled out to cancel the 4% increase or decrease. Limit this hard rule.
According to industry sources, the price increase of refined oil products was the largest since July 2009. The adjusted price of gasoline and diesel reached a record high, and 93 gasoline entered the era of 8 yuan. Zhuo Chuang information and data show that Beijing No. 93 gasoline used 540 days from the era of 6 yuan to 7 yuan, and from the 7 yuan era to 8 yuan, it took 454 days.
According to the relevant person in charge of the National Development and Reform Commission, according to the current pricing mechanism for refined oil products, when the average price of crude oil in the international market exceeds 4% for 22 consecutive working days, domestic refined oil prices can be adjusted accordingly. After the refined oil prices were adjusted on February 8, affected by the Iranian nuclear crisis and other factors, the oil price in the international market rose sharply. In late February and early March, the prices of US West Texas Crude Oil and British North Sea Brent crude futures reached US$109.8 and US$126.2 per barrel, respectively, both reaching the highest levels since April 2011.
On February 24, the average price of crude oil in the three markets on the international market rose by more than 4% for 22 consecutive working days. The current increase has exceeded 10%.
The person in charge said that the current domestic spring season for oil production and oil production is approaching, the situation in the Middle East continues to be turbulent, timely adjustment of domestic refined oil prices, and further rationalization of refined oil price relations, is of great significance to safeguarding domestic market supply. After the price of refined oil has been raised, the state will continue to subsidize grain-growing farmers, fisheries, forestry, urban public transport, and rural road passenger transport in accordance with the established oil product price subsidy mechanism, and provide temporary subsidies before the adjustment of the taxi freight rate. The central government will, according to the provisions of the dynamic adjustment mechanism for comprehensive subsidies for agricultural resources, timely and fully allocate funds for comprehensive subsidies for agricultural resources so as to ensure that farmers’ income from grain production does not decrease due to the adjustment of diesel prices. This year, some of the subsidy funds for 2012 will be earmarked in advance to defuse the impact of refined oil price adjustments. In addition, the National Development and Reform Commission has explicitly requested PetroChina and Sinopec to increase production and transport, fully play the role of upstream and downstream interest-adjustment mechanisms in oil companies, balance internal interest relationships, mobilize the enthusiasm of refinery companies, and provide a mechanism for a stable supply of the refined oil market. In order to ensure market price stability and prevent chain prices, the NDRC also requires that the prices of passenger transport, urban public transport, and rural road passenger transport that are closely related to the residents' lives be temporarily adjusted.
According to Goldman Sachs, the weight of finished oil in the CPI is about 0.5%. According to Liu Feng, a product analyst at Zhuo Chuang Information, the average increase in gasoline and diesel is 7.4%, and the impact on CPI is expected to be 0.37%.
According to relevant agencies, after the increase in oil prices, the spread between international oil prices and domestic oil prices narrowed to 15 US dollars per barrel. If the international oil prices in the later period have dropped, the timing of the new mechanism for refined oil pricing will undoubtedly further mature. China Securities Journal reporter learned that the upcoming pricing mechanism for new refined oil has reached a consensus on all levels. In addition to shortening the price adjustment period to 10 days, and referring to WTI oil prices, according to previous media reports, it is not ruled out to cancel the 4% increase or decrease. Limit this hard rule.
According to industry sources, the price increase of refined oil products was the largest since July 2009. The adjusted price of gasoline and diesel reached a record high, and 93 gasoline entered the era of 8 yuan. Zhuo Chuang information and data show that Beijing No. 93 gasoline used 540 days from the era of 6 yuan to 7 yuan, and from the 7 yuan era to 8 yuan, it took 454 days.
According to the relevant person in charge of the National Development and Reform Commission, according to the current pricing mechanism for refined oil products, when the average price of crude oil in the international market exceeds 4% for 22 consecutive working days, domestic refined oil prices can be adjusted accordingly. After the refined oil prices were adjusted on February 8, affected by the Iranian nuclear crisis and other factors, the oil price in the international market rose sharply. In late February and early March, the prices of US West Texas Crude Oil and British North Sea Brent crude futures reached US$109.8 and US$126.2 per barrel, respectively, both reaching the highest levels since April 2011.
On February 24, the average price of crude oil in the three markets on the international market rose by more than 4% for 22 consecutive working days. The current increase has exceeded 10%.
The person in charge said that the current domestic spring season for oil production and oil production is approaching, the situation in the Middle East continues to be turbulent, timely adjustment of domestic refined oil prices, and further rationalization of refined oil price relations, is of great significance to safeguarding domestic market supply. After the price of refined oil has been raised, the state will continue to subsidize grain-growing farmers, fisheries, forestry, urban public transport, and rural road passenger transport in accordance with the established oil product price subsidy mechanism, and provide temporary subsidies before the adjustment of the taxi freight rate. The central government will, according to the provisions of the dynamic adjustment mechanism for comprehensive subsidies for agricultural resources, timely and fully allocate funds for comprehensive subsidies for agricultural resources so as to ensure that farmers’ income from grain production does not decrease due to the adjustment of diesel prices. This year, some of the subsidy funds for 2012 will be earmarked in advance to defuse the impact of refined oil price adjustments. In addition, the National Development and Reform Commission has explicitly requested PetroChina and Sinopec to increase production and transport, fully play the role of upstream and downstream interest-adjustment mechanisms in oil companies, balance internal interest relationships, mobilize the enthusiasm of refinery companies, and provide a mechanism for a stable supply of the refined oil market. In order to ensure market price stability and prevent chain prices, the NDRC also requires that the prices of passenger transport, urban public transport, and rural road passenger transport that are closely related to the residents' lives be temporarily adjusted.
According to Goldman Sachs, the weight of finished oil in the CPI is about 0.5%. According to Liu Feng, a product analyst at Zhuo Chuang Information, the average increase in gasoline and diesel is 7.4%, and the impact on CPI is expected to be 0.37%.
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