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On April 25, 2013, the National Development and Reform Commission lowered the retail price of domestic refined oil at 0:00, of which gasoline was 395 yuan/ton, diesel was 400 yuan/ton, equivalent to premium gasoline 0.29 yuan/liter, and diesel 0.34 yuan/liter. The reporter learned that the price cut of refined oil products was the first time after the implementation of the new mechanism. Sun Yu, an analyst at Zhongyu Information, said that the refined oil price formation mechanism has inhibited market speculation and more sensitively reflects changes in the international market. At the same time, industry analysts said that May's refined oil prices may increase.
New mechanism inhibits speculation in the market
After the implementation of the new mechanism, April 10 was the first price adjustment window, but it ran aground because the rate of change did not reach 50 yuan/ton. The price adjustment window for the new round of pricing cycle was postponed to April 24. The price adjustment of refined oil is not expected to fail, and gasoline and diesel are cut by 395 yuan/ton and 400 yuan/ton respectively. After this reduction, 97 gasolines in many places returned to the “7†era.
In response, Gao Guoyun, an analyst at refined oil products at the Business Club, said that compared with the price hike on April 10, the price adjustment was timely and timely.
Mulberry believes that the refined product oil price formation mechanism inhibits market speculation and more sensitively reflects changes in the international market. As the price adjustment cycle has been cut by more than half, relevant departments have appropriately adjusted measures such as affiliation with oil seeds, which has effectively increased the difficulty of controlling the price of oil futures for some speculative capitals. However, affected by this, domestic retail prices of gasoline and diesel are also facing more and more frequent adjustments. Concerns over the uncertainties in the mid-to-long term market conditions are more effective in suppressing the operating enthusiasm of market participants, and the purchase of small orders on demand in the later period is still a market issue. In the mainstream mode, the phenomenon of large oil prices has been more clearly controlled.
Widening wholesale spread widened profits
According to the data, after the reduction of refined oil prices, the spread of gasoline wholesale price of 93 in South China and East China based on the main price is currently 900-1400 yuan per ton; the spread of 0 diesel is also more than 600-800 yuan per ton.
In this regard, Zhongyu Information analyst Sun Xuejun believes that the new pricing mechanism makes domestic oil prices and international crude oil prices more linkage, so the domestic wholesale price of refined oil has also declined. Although CNPC PetroChina and other major retail terminals have profit-making preferential policies, due to the continued decline in wholesale prices, profit margins continue to increase. The gap between wholesale and retail stations is even greater, and the generous profit margins have led to major price cuts for both main and private gas stations.
At the same time, he also stated that after the introduction of the new pricing mechanism, the frequency of refined oil price adjustments has accelerated, and in the past, oil-removing operations have been significantly reduced. In the case of unclear price adjustments, private gas stations have mostly adopted fast-selling and fast-selling small-sheet operations. Will face a greater test.
May oil prices may increase
For the future trend of oil prices, Zhongyu Information analyst Zhang Yonghao believes that international crude oil is currently entering the bottom of the rebound period, the next round of valuation period will remain volatile upward trend, is expected in May domestic oil price adjustment will be raised. However, due to the lack of economic data from the world’s most demanding countries, the international crude oil market may have limited gains. The next time the price adjustment of domestic refined oil products is low, there will be a certain probability of being stranded due to dissatisfaction with the value of 50 yuan.
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