Why did PetroChina and Sinopec lose money in refining? Can't refining be profitable? How to achieve profitability in refining?

First, "rising fast and falling slowly" and "rising more and falling less" have brought widespread social criticism. Since the reform of international oil price integration in June 2009, the price of refined oil has been adjusted 17 times, up 12 times and down 5 times. In the three years since the reform, the international oil price has fluctuated greatly, while the oil price in China has risen more and fallen less, which is unfair.

Second, ignoring the partial offset of the appreciation of RMB to the rise of oil price denominated in US dollars exaggerates the actual increase of international oil price. The price adjustment of refined oil is based on the international oil price denominated in US dollars. However, the RMB has appreciated for more than three years, but according to the actual value of the RMB, it is not that high. That is to say, if denominated in RMB, the imported oil price of 20 1 1 is not higher than that in 2008, while the gasoline price in China has increased by 40% in the same period, and this year it has increased by more than 10%.

Third, the price adjustment mechanism of "22 days, up and down 4%" gives the pricing power of domestic refined oil to the international oil monopoly forces to a certain extent. As long as the international oil speculators control the 22-day fluctuation at around 4%, they will control the oil price in China in disguise to some extent, which will damage China's right to speak and influence in the international oil market.

Fourth, when the reform policy of "international integration of oil prices" was introduced, domestic oil prices were high and international oil prices were low, which greatly raised the starting point of domestic oil price pricing base. During the oil reform from June, 5438 to October, 2009, the domestic oil price was 5440 yuan/ton, equivalent to about 780 dollars/ton; Affected by the financial crisis, the international crude oil price has dropped to around $360/ton. Based on this low point, China oil price rises with the rise of international oil price.

Fifth, overestimate the cost drive of international oil prices to oil refining enterprises, underestimate the actual digestibility of enterprises, and directly transfer the international inflationary pressure to China.

Sixth, China's overseas share of oil and diplomatic relations oil were not considered, thus exaggerating the actual price of imported oil. According to statistics, at present, China's overseas oil share has reached more than 60 million tons, most of which are obviously lower than the international level, and some are even lower than the domestic level.

Seventh, domestic crude oil price hitchhiking international oil price has obviously expanded the actual monopoly interests of oil enterprises. The annual reports of the two companies show that in 20 1 1 year, the operating profit per 1 ton of crude oil processed by PetroChina is more than 1600 yuan, and that of Sinopec is 330 yuan/ton.

Eighth, the current tax mechanism has become a booster for international oil prices to push up domestic oil prices. 20 1 1 year, China's crude oil production value-added tax increased by 3 1.7%, and crude oil production income tax increased by 77.5%, which is twice the national tax increase. The value-added tax and consumption tax in the production and circulation of petroleum and refined oil products have increased with the increase of international oil prices, and the increase of special oil revenue and resource tax has also become an important factor to promote the further increase of domestic oil prices.