September oil price adjustment window difficult to start

Business News Agency September 20th Since entering September, international oil prices have only recovered, and domestic oil prices have been reduced.

According to data from the General Administration of Customs, China imported 21.04 million tons of crude oil in August, which was a year-on-year increase of 0.67% and an increase of 8.29%.

In terms of crude oil import prices, China’s average crude oil import price was US$109.71 per barrel in August, an increase of 49.73% year-on-year. The average price of imported crude oil has exceeded US$100/barrel for five consecutive months.

Dong Xiucheng, deputy dean of the China University of Petroleum's School of Business Administration and director of the China Oil and Gas Industry Development Research Center, told this reporter that if the international oil price continues to rebound, the price adjustment window for domestic refined oil products will soon be difficult to open.

International oil prices have stopped falling and risen. Prof. Dong Xiucheng said that the sovereign debt problem in Europe and the United States has caused the world to be pessimistic about the economic outlook. Investors’ hedging funds have also returned to the sovereign currencies from the commodity markets. In addition, the International Energy Agency released crude oil reserves before. Global energy supply caused the current round of oil prices to fall.

However, international oil prices rebounded after experiencing a short-term dive.

According to statistics, on August 26, New York's oil price rose for the first time in a row after falling for four consecutive weeks, and drove the international oil price to rise from a fall. As of the 13th, the change rate of crude oil in the three places has narrowed to -1.48%.

Affected by the European Central Bank’s decision to inject US dollar into the European banking system, international oil prices rose again on the 15th and Brent’s oil price rose by nearly 3%.

On the same day, the European Central Bank announced that it decided to inject US dollars into the European banking system in conjunction with the central banks of the United States, the United Kingdom, Japan, and Switzerland in the fourth quarter of this year in an attempt to ease the US dollar problem caused by the debt crisis. The decision eased investors’ concerns about the exhaustion of European banks’ liquidity. The crude oil market received a huge boost and oil prices rose.

Domestic price adjustments are confusing Although international oil prices have been ups and downs this year, domestic oil prices have only undergone two adjustments. That is, on February 20, the sales price of gasoline and diesel was increased by 350 yuan per ton; on April 7, gasoline and diesel were raised by 500 yuan per ton. 400 yuan.

In this regard, Treasure Island refined oil analyst Yadan told this newspaper that in accordance with China's refined oil pricing mechanism, leading the domestic refined oil price adjustments in the three international crude oil has been high, the rate of change has not remained high, did not meet -4%. Since China's main reference is the price of Brent crude oil, the fall in New York's oil price is not a condition for the reduction of domestic oil prices.

Since late August, the price of international crude oil prices has generally declined, and the domestic refined oil market has seen a long-lost decline.

As of the end of August, the domestic crude oil price adjustment rate on the 22nd was lower than -3%, which is only one step away from the critical price point of -4%. However, the recent rebound in international oil prices has made this step difficult and the outlook for price adjustment is confusing.

She told reporters that due to the delayed adjustment of refined oil products and the rebound of the external market, at the same time, with the arrival of the autumn and winter season, the demand for oil products has increased, and the market has begun to sprout a bullish attitude.

Recently, the wholesale price of gasoline and diesel in the Beijing market has started to rise slightly.

Beijing Foreign-funded Petrol Station Drops 0.3 Yuan per liter Shell's oil company recently said that at the same time, 21 multiple gas stations in the system have launched multiple promotions at the same time, with the exception of 93# gasoline with a maximum straight down of 0.3 yuan per liter, plus group purchases and other points activities. The maximum discount per liter of gasoline is close to 0.7 yuan. The promotion was also launched at gas stations in Beijing, Tianjin and Chengdu.

According to the reporter’s understanding of the Beijing market, Beijing’s more than a dozen special gas stations in Sinochem’s total amount of 93# gasoline have reached a discount rate of RMB 0.4 per litre. And many private gas stations, 93 # gasoline discount rate is also 0.3 yuan to 0.5 yuan per liter.

PetroChina and Sinopec gas stations still maintain the prices previously set by the Development and Reform Commission. A staffer at a gas station in the northeastern corner of Chongwenmen East Street told reporters: “Notice of price reductions has not yet been received.”