Events: The new oil pricing mechanism to guide the right to seize the Development and Reform Commission
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Core Tip: official regulations will further highlight the market-oriented principles, the main highlight of the price adjustment period will be shortened to a more market-oriented integration and to curb speculative arbitrage.
"Currently, comments and assessments have been conducted in almost the same." September 21, the recent trade rumors for the new oil pricing mechanism to be introduced, the NDRC Energy Research Institute, a research fellow of the mind
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China Merchants Securities
China Petrochemical
China Petroleum
Who said, "just released last year, pilot management approach, the future introduction of formal regulations, will be in the previous management practices under the principle of adjustment, will further highlight the market-oriented principles, the main highlight of the price adjustment period will be shortened to more and market integration and to curb speculative arbitrage, however, the NDRC will not give up on oil price guide. "
Recently, the National Development and Reform Commission on the "reform oil pricing mechanism" to lower the price of oil to run the draft operating plan (the "draft") to light. In the draft, in addition to the oil price interval from the current 22 days to 10 days, but also put forward two specific operation of the program: First, the pricing authority delegated to the three oil giants, and second, by the Development and Reform Commission commissioned agency issued price adjustment.
According to the first scenario, when the international crude oil prices at $ 40-130 a barrel, the three major oil companies can be determined in accordance with national oil pricing mechanism, based on changes in international oil prices and domestic oil market supply and demand determine the price adjustment programs on their own Development and Reform Commission issued a document is no longer.
"Decentralization of the pricing, are the three oil giants try a program, however, consider that it might further strengthen the monopoly of the three major oil companies from further promote the market and maintain fair competition in the market point of view, the current should not with the implementation of conditions. "the researcher said.
According to the second draft program, to meet the domestic oil price adjustment when the boundary conditions, the NDRC will be entrusted to an intermediary agency announced changes in international oil prices and the highest retail price of domestic refined oil, companies can be the basis for self- determine the specific exercise price, each price adjustment is no longer the government issued a document.
"This one is for further integration with the market, highlighting the role of the market price of the guide, but to keep the market stable and prevent excessive speculation in the short term, price adjustment will continue under the guidance of the Development and Reform Commission." The researcher said, "refined oil pricing mechanism to adjust not one step, according to the real situation step by step, gradually open up."
China Merchants Securities analyst Qiu Xiaofeng in the petrochemical view, "the next few months, the domestic refined oil pricing in the market will be significantly accelerated the process, there are signs already that may change the field, in addition to oil price adjustment cycles, may also including gasoline price liberalization and the price of crude oil in a gasoline and diesel prices below their own price. "
In view Qiu Xiaofeng, China's refined oil pricing mechanism to real market conditions are ripe. "China's refined oil pricing mechanism of market-oriented reform started in 2001, experienced by the pure oil in accordance with the Singapore market to rely on the three oil changes to pricing, is now allowed under the Oil Products business in the country to compete under the price ceiling can be said, is quasi-market status in the current market conditions, competition has been gradually increasing, and new oil pricing mechanism has been implemented a year and a half, the third stage of adjustment and reform of the time is ripe. "
China's refined oil market, "quasi-market state", and more reflected in the "refining" and "gas station" two areas where the Chinese oil market already has a fully competitive basis.
First, in recent years, a massive increase in Chinese refinery capacity, and put in the main and more diversified. Except for Sinopec and PetroChina the two traditional giants, the China Chemical Industry, China's CNOOC and other weapons and have to leapfrog into the refining area. In addition to the Yangtze River Delta, the more obvious advantages of Sinopec, the other areas (such as the Pearl River Delta, Bohai Bay) is extremely competitive.
In the gas station area, the two giants of the combined total of about 50% share of the other competitors even more extensive.
"There is no doubt that a more flexible pricing mechanism for refined oil prices will further promote competition in the market, so that China's oil market really form the pattern of market competition." Qiu Xiaofeng said. "21st Century Business Herald" (Editor: TIAN Ying) |
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