The NDRC Intends To Shorten The Period Of Refined Oil Price Adjustment To 10 Days.

Deputy director of the national development and Reform Commission

China's refined oil

Lian Qihua, deputy director of the development and Reform Commission, has revealed that the price formation mechanism of refined oil will be further improved according to domestic resources and international markets. The government is stepping up reform, and the new product pricing mechanism and the pricing of resource products such as step price will be launched in the year.

According to the reporter's understanding, according to the relevant drafts issued by the NDRC to major domestic oil companies, the price adjustment period of refined oil products is shortened from 22 working days to 10 days, and the pricing power of refined oil will be decentralized.

In response, Lin Boqiang, director of the energy economics research center of Xiamen University, told reporters in the Securities Daily that the decentralization of pricing here does not mean that the market is priced entirely, but that the government has delineated a "circle". Enterprises must adjust according to this rule, and the quality is still constrained by the government.

In an interview with our reporter, Zhuo Chuang, an oil analyst with information products, pointed out that the decentralization of refined oil pricing is a manifestation of marketization, but the timing of Zhu Chunkai's pricing power is not yet ripe.

On the one hand, China's crude oil reserves are very incomplete, but crude oil as an important strategic material, China's refined oil has a dependency ratio of over 54%, and the import of crude oil is expanding rapidly. On the other hand, even if the pricing power is delegated to the major oil companies, they should pursue the maximization of profits instead of working on them.

Another industry pointed out that the decentralization of pricing power to enterprises can not solve the opacity problem of China's refined oil pricing mechanism, but will make enterprises "gather athletes and referees in one".

It is inevitable for oil monopoly enterprises to pursue their own profit maximization, so this self pricing and market-oriented reform will only further boost high oil prices.

Zhu Chunkai also said that shortening the cycle and reducing the price of refined oil can accelerate the frequency of price adjustment, which is a manifestation of the integration of refined oil pricing into marketization. It helps to straighten out the domestic finished product prices and achieve linkage with international oil prices.

But we should gradually change the direction of marketization, but this is a long-term task.

Professor Lin Boqiang also said, "the existing oil pricing mechanism is not flexible enough to respond to market changes in a timely manner.

In the short term, we can consider reducing the domestic product oil pricing cycle to 10 working days and narrowing it to 2% or 3%.

Under the condition that the domestic product oil market has not yet been improved, the price of domestic refined oil is liberalized directly, and the price is formed spontaneously by the dispersed market, which is not conducive to the stability of the market, but the market-oriented reform is the direction.