Oil giant pushes up oil prices to be privileged

The international oil price exceeded US$90/barrel to boost the enthusiasm of the oil giant pushing up. The newspaper recently reported that “the refined oil price adjustment window has recently been difficult to open the three major oil giants to take advantage of price increases”. Yesterday’s reporter learned that the giant’s push-up behavior is still intensifying. Mass product e-commerce platform Treasure Island's latest monitoring data showed that yesterday's diesel oil listing price of Guangdong Sinopec Corp. surged, breaking through the wholesale distribution price (upper price) stipulated by the National Development and Reform Commission, and approaching the retail price limit. At the same time, the wholesale diesel industry has stopped the wholesale distribution of its customers and sold them only to end customers.

Sinopec diesel rose by 100 yuan daily

According to the data provided by Treasure Island to New Express, yesterday's Guangzhou No. 0 standard diesel of Sinopec Corp. raised its listing price to 8,580 yuan/ton. The analyst said that "8458 yuan / ton is the wholesale price of Guangzhou diesel, apparently, Guangzhou Sinopec yesterday's listing price has exceeded 122 yuan / ton." Dongguan Sinopec, Maoming Sinopec, Chaozhou Sinopec also have raised the wholesale price yesterday, The increase ranged from 100 yuan to 150 yuan/ton.

At the same time, even though PetroChina (9.80, 0.07, 0.72%) and CNOOC have previously pushed up the market, their wholesale prices have remained at 8,450 yuan/ton, which is close to the wholesale sales price. The reporter learned that, with the exception of the Guangdong market, Sinopec implemented the push-ups, sales restrictions, and tying measures across the country in varying degrees. For example, the main diesel price in the Fujian market rose by RMB 50/t. In East China, Jiangsu and Zhejiang provinces also frequently adjusted their prices. Once there was a two-day adjustment, the price of diesel fuel gradually increased from the low of 8,100 yuan/ton at the beginning of the month to the wholesale in-place price, and continued to approach the retail ceiling price.

At the same time, diesel in Jiangsu also stopped. Hainan Sinopec will restart the tying strategy of diesel and control the amount of wholesale diesel. Chaigas will be tying 1:1.

"buy up or not buy down" boost up trend

The reasons for the large-scale upward push of diesel prices are believed by analysts to be related to factors such as the rebound of international oil prices and the near-buy domestic demand.

Starting in late September, the domestic enters the autumn harvest season, and during the busy period, the demand for diesel oil is relatively high. With the end of the fishing season, fishery oil is also rising. At the same time, the future Huizhou refinery and Shanghai Petrochemical have maintenance plans, and the overall resources situation is not optimistic. He Yingying, an analyst at Treasure Island, pointed out that the market is pushing more and more, and the recent market quotation is fair. The bulk of the oil giant's Mid-Autumn Festival bulk cargo has basically completed its sales task for the whole month, and therefore its willingness to ship is not high.

Treasure Island analyst Han Jingyuan also reminded that the National Day is approaching, speculation or reproduction. "If it is similar to the same period of last year, the recent sudden rise in international oil prices will again trigger a sudden resumption of speculative demand."

Observed

Three Big Challenges of the Oil Giant's "Domineering Pressing" Leading Industry

Question 1

Who gave Sinopec privilege?

The current pricing mechanism for refined oil products is the "Petroleum Prices Management Measures (Trial)" (hereinafter referred to as "Measures") promulgated by the National Development and Reform Commission in May 2009. Article 10 of the "Measures" clearly states: "When the retail price of the market is reduced, the supply price to social wholesale enterprises will be reduced accordingly, and the price difference between the wholesale and retail will not be less than 400 yuan per ton."

Analysts believe that Guangdong Sinopec yesterday pushed up the wholesale price of diesel wholesale prices exceeded the wholesale price limit, obviously contrary to the above approach. The reporter found that after the implementation of the “Measures”, the wholesale price of Sinopec broke through the price several times, and even several times the price of wholesale and retail was reversed, as it appeared in April this year.

However, such obvious violations were under the eyes of the National Development and Reform Commission. The two giants never received punishment. Who actually gave Sinopec the privilege to let it openly violate the rules? In fact, it has not been determined in the "Measures". If there is a breakthrough, it will have any punitive measures.

Question 2

Secretly manipulate private oil station profits?

Just less than half a month after the market had disappointed with the expected decline in refined oil products, the oil giant would substantially increase the wholesale price. Just because resources are tight?

High retail prices and low purchase prices have allowed private gas stations to earn enough money. Some gas station staff revealed to reporters that the profits of a ton of oil had reached 700-800 yuan/ton.

To this end, under the market-oriented competition, various private gas stations throughout the country have cut prices to promote profits to consumers. Some private gas stations in Guangzhou have a preferential rate of RMB 0.10 to RMB 0.31 per liter. The above-mentioned private gas stations have also sold preferential refined oil prices for this purpose. The companies with the largest number of retail outlets, PetroChina and Sinopec, stick to the highest price limit.

In the recent past, consumers have murmured about the practices of the two major oil giants. However, the oil sources in private gas stations also come from the three giants PetroChina, Sinopec and CNOOC. Therefore, some analysts questioned whether the Sinopec pushed up the wholesale price, but also forced the private gas station to cancel the concession? "Get the price of goods, gas station profits become thinner, private oil companies will naturally also reduce the terminal discount rate. ."

Question 3

Why does it show a rise in foreign losses?

With this year’s decline in international oil prices, Sinopec has lowered Hong Kong’s oil prices four times this year, but the mainland’s oil prices have only risen. Analysts believe that, in addition to Sinopec itself does not want to cut prices, the domestic market has been criticized by the market's pricing mechanism for refined oil products for the oil companies "bridled."

According to statistics, from 2009 to now, domestic refined oil prices experienced 14 adjustments—10 liters and 4 lowers. Among them, the eight price adjustments lags behind. The three price adjustments are contrary to the trend of changes in international oil prices, and only two of the 14 price adjustments have the same magnitude as the international oil price changes. The latest price adjustment has been more than four months ago. In the meantime, the international oil prices have been ups and downs, and domestic oil prices have seemed to hide in a quiet harbor.

The National Development and Reform Commission has also publicly stated that it will work out a new pricing mechanism during the year. The current industry consensus is to reduce the 22 working days specified by the refined oil pricing mechanism to 10 working days, while appropriately reducing the 4% price adjustment.

There are also people in the industry who believe that the same standards are unfair and may push asymmetric standards. "The $100/barrel rises by $4, but it's $4.16 to meet the downward adjustment."