Why is the oil price in China rising fast and falling slowly? Thank you for your questions.

Mainly the problem of pricing mechanism.

As a social supervisor, Han Xiaoping, chief information officer of China Energy Network, asked why the public always felt that domestic oil prices were "rising fast and falling slowly". Sinopec responded that this is mainly a matter of pricing mechanism.

New york's oil price has fallen sharply, but the rate of change of crude oil in the three international places, which dominate the adjustment of domestic refined oil prices, has been very high, not reaching -4%, that is, it has not met the conditions for the downward adjustment of domestic oil prices.

The reporter learned from many domestic commodity information agencies that the current rate of change of crude oil in the three places is close to zero. If the international oil price continues to decline, it is expected that domestic refined oil prices may usher in a downward adjustment window on August 25.

As for why the change rate of crude oil in the three places is not obvious, an analyst of Treasure Island Information told reporters that the change rate of crude oil in the three places mainly depends on the change rate of the 22-day moving average, and the international oil price only fell for a few days, with little impact.

This person believes that the refined oil pricing mechanism is actually "strategic", and its purpose is to maintain the stability of domestic refined oil prices, because domestic gasoline and diesel have a wide coverage, and once prices fluctuate frequently, it will have a great impact on industry and agriculture.

Extended data

There are four defects in the pricing mechanism of refined oil. Hong Kong is very different from the mainland.

Since the implementation of China refined oil pricing mechanism for two years, its own defects have become increasingly exposed. Based on the unbalanced system, it is bound to be difficult to "convince the public" in the implementation process.

First, the wording "domestic refined oil prices can be adjusted accordingly" reduces the authority of the system and the principle of price adjustment is not strong. The foreshadowing of "adjustable" and "adjustable" should not appear in serious system design.

As the competent department of oil price, the National Development and Reform Commission should be a rulemaker, guiding market changes, rather than strengthening administrative control, and falling into round after round of price adjustment disputes.

Second, the calculation method of refined oil pricing mechanism is opaque, which easily leads to social speculation. The National Development and Reform Commission has never published the formula for calculating the 22-day moving weighted average change rate of the three places, and the selected international oil quotations have not been made public.

Many social organizations have to find out the official pricing formula and monitor the rate of change of oil prices.

Third, the 22-day price adjustment time limit is long and lagging behind, and it is difficult to connect with the international oil price. Under the existing oil market structure, lag will inevitably lead to speculation. In the past price adjustment process, there were always well-informed social traders who took the opportunity to hoard oil for arbitrage.

References:

There are four defects in China News Network-refined oil pricing mechanism. There is a world of difference between Hong Kong and the Mainland.

References:

People's Daily Online-Sinopec responds to domestic oil prices rising fast and falling slowly: it is a pricing mechanism problem.