The National Development and Reform Commission announced on the 14th that the price of gasoline and diesel had been reduced by 140 yuan and 160 yuan per ton respectively since January 15th. This is China's refined oil product pricing mechanism since it was launched on December 19, 2008. It is still less than a month since the last significant reduction in refined oil prices. It is rare in recent years because of the rapid adjustment rate.
What are the benefits of the new refined oil price mechanism for Chinese consumers? What will be the frequency or extent of China's refined oil price adjustment? What changes will occur in the refined oil market in China? The reporter had an exclusive interview with the heads of relevant departments of the Development and Reform Commission, well-known experts and some consumers.
Continuous price cuts indicate that the new mechanism is responsive. Zhou Dadi, former director of the National Energy Research Institute of the National Development and Reform Commission, told reporters that in less than a month, China’s refined oil prices have been cut twice, and the second price reduction is only 100 yuan per ton (equivalent to The retail price is lowered by more than one metric per liter. This shows that the refined oil product pricing mechanism scheme is being strictly implemented.
"This is a very good sign, which means that the future domestic fuel prices will be more responsive to the international market," said Zhou Dadi.
After hearing the news of price cuts, consumers are all clapping and cheering. The owner of a private car owner in Wuhan, Ji Gang, said: "I can't drive a car for a day now. I need to use a car to talk about business and life every day. I'm going to run more than 100 kilometers a day and use about 400 liters a month. The amount of oil money is about 2,000 yuan, which is not a small sum of money. Even if the price is 1 cent per kilogram, it can save tens of dollars a month."
Qian Zhaoming, a driver at Nanjing Zhongbei Taxi Company, told reporters that he would use an average of 40 liters of gasoline a day and more air conditioners in summer. The money spent on gasoline every day would cost 250 yuan. The country’s downward adjustment of oil prices, although modest, is equivalent to saving one or two hundred yuan per month, which is certainly a good thing.
The responsible person of the National Development and Reform Commission's Price Department said in an exclusive interview with Xinhua News Agency reporters that the continuous reduction in refined oil prices will objectively reduce the burden on oil companies and consumers and will also have a positive effect on the promotion of the automotive industry, in line with the current expansion of domestic demand. Policy orientation to stimulate economic growth.
The person in charge said that China’s refined oil prices are indirectly linked to the control of crude oil prices in the international market, and are based on the average level of several international crude oil prices over a certain period of time, plus domestic average processing costs, taxes, and appropriate profits. definite. When the change in the average price of oil in the international market over a certain period of time exceeds a certain extent, the state adjusts the domestic refined oil price accordingly. In recent days, crude oil prices in the international market have continued to fall. Although fluctuations have occurred in recent days, there is still room for price reductions in accordance with the refined oil price formation mechanism. For this reason, the country decided to lower the price of refined oil accordingly.
Earlier, the Development and Reform Commission stated that “we are tracking international crude oil trading prices every day, and we will adjust it one to another (with downward adjustment space).â€
The relevant person in charge of China Petrochemical Corporation stated that Sinopec will strictly implement the national pricing. Sinopec has already established a mechanism for price adjustment. Once it receives a notice from the State on price adjustments, the company will immediately proceed with the arrangements and implement it strictly. Leaders at all levels will personally supervise price adjustments in place.
Three breakthroughs have been made in the reform of the pricing mechanism of refined oil products Xu Kunlin, deputy director of the Price Division of the National Development and Reform Commission, said in an exclusive interview with reporters that the reform of refined oil products in China has been gradually pushed toward the goal of marketization. Three major breakthroughs were made in this reform: “First, the reform mechanism for domestic refined oil prices will be adjusted according to relevant factors such as crude oil prices in the international market, which can better reflect the company’s production costs, market supply and demand, and resource scarcity; According to domestic actual conditions, in order to mitigate the adverse impact of large fluctuations in oil prices in the short term on the market, when the price of crude oil in the international market is abnormally high or abnormally low, the refined oil price will be properly regulated to keep the price of refined oil relatively stable; The third is to change the allowed retail and retail benchmark prices of gasoline and diesel to the highest retail price, no longer set a lower price limit, encourage price competition among operators, and better reflect the market supply and demand situation.â€
He said that this reform also clarified the policy on prices of gasoline and diesel fuel for private wholesale companies and stipulated the minimum price difference between the supply price and retail price of private and gas wholesalers' gasoline and diesel to guarantee the normal operation of private wholesale companies. The establishment of a fair and just market competition environment has created more favorable conditions.
The lower limit of gasoline and diesel retail benchmark price was canceled less than a month. Flexible price competition has already appeared in the refined oil market in China.
Since the end of last year, gas stations in some PetroChina and Sinopec parts of China’s two major oil refineries have experienced price cuts, and the price cuts and price cuts have continued to expand. The difference between the price cuts in Shanghai and the price of gasoline in Beijing, which has no price cuts, is 93%. Once reached 0.7 yuan per liter.
Dong Xiucheng, deputy dean of the School of Business Administration of China University of Petroleum, said that at present, petrol stations in PetroChina and Sinopec have lowered their price promotions on their own, mainly to cope with the sharp decline in consumer demand caused by the economic downturn. However, compared with the previous 8% that the refined oil retailer fluctuates from the benchmark price published by the state, the new mechanism only sets the “highest retail priceâ€. Undoubtedly, it opens up room for free price adjustment for the refined oil retail market. It is very likely to become the norm.
The person in charge of the Sinopec Group Company stated that the price adjustment of the gas stations in some of the company’s subordinate areas is entirely an autonomous choice made by the company based on the market, supply and demand, and inventory. The new price mechanism ensures the company's profit margins, and it also provides the possibility for companies to adjust prices according to the market.
According to an authoritative source, the new pricing mechanism determines the reasonable profits of refined oil producers, mobilizes the enthusiasm of refined oil producers, and helps ensure supply and maintain oil security. Not long ago, an official of an oil exporting country took the initiative to convey to our visiting Chinese leaders the hope to invest in China to set up an oil refinery.
In stark contrast to this, after the international oil price soared to more than 100 US dollars a barrel last year, China has been stabilizing prices and promoting steady and rapid economic development. For some time, it has not approved the request of oil refining companies to raise oil prices. Some private oil refineries stopped production due to losses. A foreign-invested investor in a Sino-foreign joint venture refinery in a province on the southeast coast once claimed to stop production and divest it because of losses.
At that time, ensuring the supply of the market became an obligatory responsibility of the state-owned oil companies. However, due to the limited production capacity, even if the two large enterprises were fully loaded, there were still “oil shortages†in some areas.
According to investigations by relevant departments, during the oil shortage, some truck drivers have to queue up for refueling. Under normal circumstances, they can finish the journey in less than one day, which takes three times. The oil shortage once affected the normal economic life.
According to the new mechanism, the profits of China's oil refining companies are strictly limited to the average profit margin level of the petrochemical industry, only a few percent.
Lin Boqiang, director of the China Energy Economic Research Center at Xiamen University, believes that in commemorating the thirtieth anniversary of reform and opening up, China has introduced a brewing oil price and taxation reform program that has been brewing for a long time, highlighting the government’s determination to further deepen and promote reforms.
The new product oil price formation mechanism has numerous benefits for safeguarding oil supply and safety. In the long run, once the international oil price rises, it will also play a regulatory role in China’s oil consumption pattern.
Zhou Dadi said, “When the international crude oil prices decline, the prices of domestic refined oil will fall. However, if the international economy recovers and the international crude oil prices rebound, the international refined oil prices will also make upward adjustments, and consumers should have Fuller understanding and thought preparation."
"At that time, the refined oil price pricing mechanism will play a positive role with China's oil consumption reform along with the fuel tax reform, which will help promote energy conservation and emission reduction," he said.
Lin Boqiang told reporters that compared with previous lags in the price adjustment of refined oil products in China, the refined oil price formation mechanism after implementation indicates that the Chinese government is more determined to promote domestic refined oil prices in line with international standards. Under the premise that international oil prices do not change drastically, the separation of domestic refined oil markets and international markets and the separation of prices will be greatly reduced.
He said that the new product oil price formation mechanism still belongs to the scope of government regulation, but it ensures that the domestic refined oil prices are more frequently adjusted in order to further integrate with the international market prices, which will create a more marketable product oil price formation for China. The mechanism is ready.
In 2006, China introduced a comprehensive reform plan for the oil price formation mechanism and a special income tax policy for selling crude oil to crude oil extraction companies. Due to the continuous rise in international crude oil prices, China has suspended the implementation of the above price formation mechanism since the second half of 2004, and has not adjusted domestic refined oil prices in accordance with changes in international oil prices for a long time.
What are the benefits of the new refined oil price mechanism for Chinese consumers? What will be the frequency or extent of China's refined oil price adjustment? What changes will occur in the refined oil market in China? The reporter had an exclusive interview with the heads of relevant departments of the Development and Reform Commission, well-known experts and some consumers.
Continuous price cuts indicate that the new mechanism is responsive. Zhou Dadi, former director of the National Energy Research Institute of the National Development and Reform Commission, told reporters that in less than a month, China’s refined oil prices have been cut twice, and the second price reduction is only 100 yuan per ton (equivalent to The retail price is lowered by more than one metric per liter. This shows that the refined oil product pricing mechanism scheme is being strictly implemented.
"This is a very good sign, which means that the future domestic fuel prices will be more responsive to the international market," said Zhou Dadi.
After hearing the news of price cuts, consumers are all clapping and cheering. The owner of a private car owner in Wuhan, Ji Gang, said: "I can't drive a car for a day now. I need to use a car to talk about business and life every day. I'm going to run more than 100 kilometers a day and use about 400 liters a month. The amount of oil money is about 2,000 yuan, which is not a small sum of money. Even if the price is 1 cent per kilogram, it can save tens of dollars a month."
Qian Zhaoming, a driver at Nanjing Zhongbei Taxi Company, told reporters that he would use an average of 40 liters of gasoline a day and more air conditioners in summer. The money spent on gasoline every day would cost 250 yuan. The country’s downward adjustment of oil prices, although modest, is equivalent to saving one or two hundred yuan per month, which is certainly a good thing.
The responsible person of the National Development and Reform Commission's Price Department said in an exclusive interview with Xinhua News Agency reporters that the continuous reduction in refined oil prices will objectively reduce the burden on oil companies and consumers and will also have a positive effect on the promotion of the automotive industry, in line with the current expansion of domestic demand. Policy orientation to stimulate economic growth.
The person in charge said that China’s refined oil prices are indirectly linked to the control of crude oil prices in the international market, and are based on the average level of several international crude oil prices over a certain period of time, plus domestic average processing costs, taxes, and appropriate profits. definite. When the change in the average price of oil in the international market over a certain period of time exceeds a certain extent, the state adjusts the domestic refined oil price accordingly. In recent days, crude oil prices in the international market have continued to fall. Although fluctuations have occurred in recent days, there is still room for price reductions in accordance with the refined oil price formation mechanism. For this reason, the country decided to lower the price of refined oil accordingly.
Earlier, the Development and Reform Commission stated that “we are tracking international crude oil trading prices every day, and we will adjust it one to another (with downward adjustment space).â€
The relevant person in charge of China Petrochemical Corporation stated that Sinopec will strictly implement the national pricing. Sinopec has already established a mechanism for price adjustment. Once it receives a notice from the State on price adjustments, the company will immediately proceed with the arrangements and implement it strictly. Leaders at all levels will personally supervise price adjustments in place.
Three breakthroughs have been made in the reform of the pricing mechanism of refined oil products Xu Kunlin, deputy director of the Price Division of the National Development and Reform Commission, said in an exclusive interview with reporters that the reform of refined oil products in China has been gradually pushed toward the goal of marketization. Three major breakthroughs were made in this reform: “First, the reform mechanism for domestic refined oil prices will be adjusted according to relevant factors such as crude oil prices in the international market, which can better reflect the company’s production costs, market supply and demand, and resource scarcity; According to domestic actual conditions, in order to mitigate the adverse impact of large fluctuations in oil prices in the short term on the market, when the price of crude oil in the international market is abnormally high or abnormally low, the refined oil price will be properly regulated to keep the price of refined oil relatively stable; The third is to change the allowed retail and retail benchmark prices of gasoline and diesel to the highest retail price, no longer set a lower price limit, encourage price competition among operators, and better reflect the market supply and demand situation.â€
He said that this reform also clarified the policy on prices of gasoline and diesel fuel for private wholesale companies and stipulated the minimum price difference between the supply price and retail price of private and gas wholesalers' gasoline and diesel to guarantee the normal operation of private wholesale companies. The establishment of a fair and just market competition environment has created more favorable conditions.
The lower limit of gasoline and diesel retail benchmark price was canceled less than a month. Flexible price competition has already appeared in the refined oil market in China.
Since the end of last year, gas stations in some PetroChina and Sinopec parts of China’s two major oil refineries have experienced price cuts, and the price cuts and price cuts have continued to expand. The difference between the price cuts in Shanghai and the price of gasoline in Beijing, which has no price cuts, is 93%. Once reached 0.7 yuan per liter.
Dong Xiucheng, deputy dean of the School of Business Administration of China University of Petroleum, said that at present, petrol stations in PetroChina and Sinopec have lowered their price promotions on their own, mainly to cope with the sharp decline in consumer demand caused by the economic downturn. However, compared with the previous 8% that the refined oil retailer fluctuates from the benchmark price published by the state, the new mechanism only sets the “highest retail priceâ€. Undoubtedly, it opens up room for free price adjustment for the refined oil retail market. It is very likely to become the norm.
The person in charge of the Sinopec Group Company stated that the price adjustment of the gas stations in some of the company’s subordinate areas is entirely an autonomous choice made by the company based on the market, supply and demand, and inventory. The new price mechanism ensures the company's profit margins, and it also provides the possibility for companies to adjust prices according to the market.
According to an authoritative source, the new pricing mechanism determines the reasonable profits of refined oil producers, mobilizes the enthusiasm of refined oil producers, and helps ensure supply and maintain oil security. Not long ago, an official of an oil exporting country took the initiative to convey to our visiting Chinese leaders the hope to invest in China to set up an oil refinery.
In stark contrast to this, after the international oil price soared to more than 100 US dollars a barrel last year, China has been stabilizing prices and promoting steady and rapid economic development. For some time, it has not approved the request of oil refining companies to raise oil prices. Some private oil refineries stopped production due to losses. A foreign-invested investor in a Sino-foreign joint venture refinery in a province on the southeast coast once claimed to stop production and divest it because of losses.
At that time, ensuring the supply of the market became an obligatory responsibility of the state-owned oil companies. However, due to the limited production capacity, even if the two large enterprises were fully loaded, there were still “oil shortages†in some areas.
According to investigations by relevant departments, during the oil shortage, some truck drivers have to queue up for refueling. Under normal circumstances, they can finish the journey in less than one day, which takes three times. The oil shortage once affected the normal economic life.
According to the new mechanism, the profits of China's oil refining companies are strictly limited to the average profit margin level of the petrochemical industry, only a few percent.
Lin Boqiang, director of the China Energy Economic Research Center at Xiamen University, believes that in commemorating the thirtieth anniversary of reform and opening up, China has introduced a brewing oil price and taxation reform program that has been brewing for a long time, highlighting the government’s determination to further deepen and promote reforms.
The new product oil price formation mechanism has numerous benefits for safeguarding oil supply and safety. In the long run, once the international oil price rises, it will also play a regulatory role in China’s oil consumption pattern.
Zhou Dadi said, “When the international crude oil prices decline, the prices of domestic refined oil will fall. However, if the international economy recovers and the international crude oil prices rebound, the international refined oil prices will also make upward adjustments, and consumers should have Fuller understanding and thought preparation."
"At that time, the refined oil price pricing mechanism will play a positive role with China's oil consumption reform along with the fuel tax reform, which will help promote energy conservation and emission reduction," he said.
Lin Boqiang told reporters that compared with previous lags in the price adjustment of refined oil products in China, the refined oil price formation mechanism after implementation indicates that the Chinese government is more determined to promote domestic refined oil prices in line with international standards. Under the premise that international oil prices do not change drastically, the separation of domestic refined oil markets and international markets and the separation of prices will be greatly reduced.
He said that the new product oil price formation mechanism still belongs to the scope of government regulation, but it ensures that the domestic refined oil prices are more frequently adjusted in order to further integrate with the international market prices, which will create a more marketable product oil price formation for China. The mechanism is ready.
In 2006, China introduced a comprehensive reform plan for the oil price formation mechanism and a special income tax policy for selling crude oil to crude oil extraction companies. Due to the continuous rise in international crude oil prices, China has suspended the implementation of the above price formation mechanism since the second half of 2004, and has not adjusted domestic refined oil prices in accordance with changes in international oil prices for a long time.
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