The wholesale price of refined oil has risen recently

International crude oil prices rose sharply last weekend, leading to the recent domestic wholesale prices of gasoline and diesel also skyrocketed. In some regions, the wholesale price and retail price of diesel fuel actually appeared to be less than RMB 300/ton, which was inconsistent with the national regulations.

According to the latest data from China Chemical Network, Jiangxi Nanchang Sinopec has raised No. 0 diesel to 7,235 yuan/ton, and No. 93 gasoline has also been pulled up to 8,443 yuan/ton.

At present, the highest retail prices of Nanchang No. 0 diesel and No. 93 gasoline are 7,400 yuan/ton and 8,831 yuan/ton respectively. It can be seen that the price difference for gasoline has been reduced to 370 yuan/ton, while the difference between diesel wholesale price is only 165 yuan/ton.

On May 8, 2009, the National Development and Reform Commission announced the "Administrative Measures for Oil Price (Trial)", in which Article 10 stipulates the maximum wholesale prices of gasoline and diesel sold by retailers of refined oil products to retail companies. The contract stipulates that the supplier distributes the goods to retail outlets. Enterprises shall be determined by the provincial-level pricing authority at a deduction of 300 yuan per ton at the maximum retail price. Obviously, the wholesale price in Nanchang has been inconsistent with this regulation.

“Current fire prices in many regions have been pushed up to the maximum wholesale price limit.” Zhao Jingmin, an analyst at China Chemical Network, said that the diesel prices of Hebei Sinopec, Anhui Petrochemical, and Guiyang Sinopec have reached the maximum wholesale price limit. “From our September According to the monitoring of the market on the 14th, in addition to the southwest region, diesel prices are generally pushed up across the country. PetroChina and Sinopec in North China, East China and along the Yangtze River increased diesel price by 20 to 50 yuan/ton on the 14th, 15 Japan has continued to push the price of diesel fuel between 10 and 50 yuan."

The increase in the price of gasoline and diesel in this round was related to the increase in crude oil prices. At the close of September 14, 2010, WTI Light crude oil settled at US$77.19 per barrel in October, up by US$0.74 from the previous trading day; London’s Brent crude oil futures settled at US$79.03 per barrel in October, up 0.87. The US dollar broke the pattern that crude oil prices have been maintained at 73 to 75 U.S. dollars per barrel since September. As of September 14, the WTI price in New York rose by 6.8% compared with August 31.

“The economic data released by China and the general rise in global stock markets, and the sharp fall in the dollar exchange rate, have also contributed to the increase in international oil prices,” said Zhao Jingmin.

Guo Bo Securities researcher Liu Bo also believes that in August there were several large-scale refineries in China that also underwent centralized overhaul, resulting in tight supply of gasoline and diesel resources. In addition, heavy rainfall, typhoon, and railway transport capacity also caused uneven allocation of resources in some regions, along the east and west. The distribution of refined oil resources in the Yangtze River and other places was tight.

The uplift of the wholesale price indicates, from another aspect, that the domestic retail prices of gasoline and diesel are unlikely to be lowered in the short term.

On September 9, 2010, some organizations measured a weighted average price change for crude oil in Brent, Dubai, and Sinta, which was -3.2%, and yesterday the weighted average price in the three places had risen to 2.82%, a huge volatility.

A fund researcher believes that due to the rise and fall of refined oil prices in China, it is necessary to refer to the change rate of the weighted average price of crude oil in the three working days for 22 working days. At present, crude oil fluctuations are extremely frequent, and therefore some time points for lowering oil prices may be missed.

According to previous news, after China lowered the oil price on June 1, it had missed two price adjustment opportunities. However, some media quoted the NDRC saying that it was a misrepresentation. “At present, the calculation formula for refined oil price adjustments made by some market institutions is based on a model simulated by the NDRC pricing mechanism. The data does not represent the real situation. The method is inaccurate.

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