Domestic product oil price adjustment standard receives market attention again

Although the closing prices of crude oil futures in New York and London fell slightly before, they were still high. With the end of the Lunar New Year holiday, the domestic market for refined oil prices is still expected to remain strong. The international oil price has been hovering above $90 last week. On February 3, it hit a high of $103.37 per barrel, the highest in 28 months.

Oil prices have already touched 4% redline In the first three quarters of 2010, international oil prices fluctuated between 70 and 85 US dollars per barrel, but since November 2010, international oil prices have risen strongly under the influence of the second round of quantitative easing policies in the United States. The turmoil in Egypt is fuelling international oil prices.

This reporter learned that the domestic oil product price adjustment index has already surpassed the "red line." According to the information of interest-benefit data, the rate of change in crude oil price movements in Brent, Dubai and Xinta reached 7.77% on January 31, far higher than the 4% price adjustment standard in the refined oil price mechanism. According to industry analysts, if the price adjustment cycle of 22 working days is strictly followed, as early as the end of January, the domestic refined oil market already has the conditions for price increase.

Although the price of oil is facing a new round of upward pressure, the domestic market's doubts about the refined oil pricing system have never been interrupted. According to the current oil price management measures, the price adjustment standard for gasoline and diesel oil is that the average moving price of crude oil in the international market has exceeded 22% for 22 consecutive working days. However, some experts said that there are obvious flaws in the design of this system. For example, if oil prices are based on US$80/barrel, a change of more than 4%, that is, US$83.2/barrel, can raise prices; but if oil prices fall from 83.2 yuan/barrel, To reach the price adjustment target of more than 4%, the price of oil must be less than $79.872/barrel. In other words, when the price of oil falls, even if the price has dropped to the previous 80 US dollars/barrel, it will not be able to meet the standard for reducing oil prices. Although the standard for the upward and downward movement of oil prices seems to be fair, in fact, the conditions for lowering oil prices will be more stringent and the time will be significantly delayed. This may be an important reason for the rapid rise in domestic refined oil prices.

Industry insiders suggested that the reform of the refined oil pricing system to be implemented may wish to shorten the price adjustment cycle, while taking the price of the international crude oil price as the price adjustment parameter, and fully consider the exchange rate factor.