Steadily promote the marketization of refined oil pricing

The current domestic refined oil price mechanism not only reflects the direction of reform of refined oil prices, but also is a more appropriate transitional form in the reform. Before fully liberalizing refined oil prices, some local adjustments and reforms can be carried out to pave the way for full release.

Since the beginning of this year, the shadow of the international financial crisis has persisted. The international oil market, which is clearly affected by the second world bottoming-out argument, has caused international oil prices, which have rebounded strongly after the improvement of the world economy, to fluctuate significantly after May. In view of this, in view of the formation mechanism of the international market for domestic refined oil, social media once again questioned the country's failure to follow the international oil price changes to adjust domestic oil prices accordingly. The national price adjustment is the phrase “to chase upward and not to recover, and to safeguard the monopolistic interests of oil companies”. It was even pointed out: “The National Development and Reform Commission’s own system will adjust oil prices in 22 days and 4%. , but now it is often up to the conditions or not.”

In fact, the media reflected that "the current domestic refined oil prices are linked to international oil prices are not following up with the rise, followed by rising and falling," and there may be two situations. On the one hand, in 2008 and before, the international oil price continued to soar, and in implementing the system for linking refined oil prices, taking into account the affordability of all parties, domestic prices did not increase correspondingly. Natural oil prices did not naturally drop because of the fall in international oil prices. The problem. On the other hand, after the reform of the refined oil price tax at the end of 2008, only in 2009, the country adjusted its refined oil prices eight times in a row, and the so-called delay in domestic price adjustment after June this year actually did not meet the conditions for price adjustment. Because, after June 1, 2010, the national price of domestic refined oil products, the international oil prices continue to decline, but there are ups and downs, not a continuous decline. Compared with the base period of the previous price adjustment period, the overall average level has remained within 4%.

In contrast, the issue that we should pay more attention to now is what problems existed in the reform of the refined oil pricing mechanism over the past year or so and how it should continue to be perfected in order to enable it to achieve full marketization.
After the reforms in 2008, the current view is that there are still some problems in the mechanism for the formation of refined oil prices. First, the institutional features of government management are still prominent. For example, the establishment of the ceiling price and special price, and the provision of wholesale and retail price differences restrict the production and operation of enterprises. The second is indirect integration on the basis of crude oil prices, and the degree of marketization is reduced. Pricing machinery, hysteresis, and over-transparency are incompatible with consumption in the domestic market. They also stimulate speculation and other activities. Thirdly, it has formed the characteristics of the integration of government management and market regulation of domestic refined oil prices, but it is not fully integrated with the market operating mechanism. For example, in the production cost pricing, the regulation and management measures of more than US$80/barrel not only restrict the production, affect the market supply, but also make the consumers in a more unfavorable situation.

Judging from the current mechanism for the formation of domestic refined oil prices, pricing based on crude oil costs still does not directly reflect the market mechanism.

However, under the current market conditions of domestic refined oil products, crude oil and refined oil trading markets have not yet been established, the price of domestic refined oil products is directly liberalized, and it is entirely dependent on decentralized markets to spontaneously form prices. For refined oils, there are also A certain amount of blindness is not conducive to the stability of the market. In case of resource and international oil price anomalies, market speculation may be even more severe.

Therefore, the current price mechanism for refined oil products that indirectly meet international oil prices reflects both the direction of reform and the more appropriate transitional form of reform. The relevant state departments have also clearly stated that with the continuous deepening of the reform of the circulation system of domestic refined oil market, the prices of the domestic refined oil market will eventually be liberalized and become market-oriented.

However, before fully liberalizing refined oil prices, some local adjustments and reforms can be made in advance to pave the way for full release.

First, in line with the policy of gradual improvement and steady progress, we can first liberalize the prices of refined oil in individual fields or individual varieties. For example, the aviation kerosene price is completely at a higher level of consumption, and the degree of internationalization is relatively high. The country can no longer specifically set the ex-factory price, which is negotiated between the production and sales parties. Again, gasoline consumption is basically city-based, with smaller groups involved in difficulties, and prices can be tentatively released first.

Second, cancel the current concept of wholesale pricing and price controls. The Oil Price Management Measures (Trial), promulgated by the National Development and Reform Commission on May 7, 2009, clearly stipulates that the fixed price difference between social retail enterprises and wholesale enterprises is 300 yuan/ton and 400 yuan/ton respectively. Compared with the real market, this rule is more rigid and should be abolished.

In addition, increase and unify the national retail price of gasoline and diesel, as a transition before opening up the price of refined oil. At present, the national retail price ceilings for refined oil products in various provinces and regions across the country are not the same, artificial separation affects the market's unity under the market economy, and the purpose of price stabilization should be achieved by increasing the liquidity of resources through prices.