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China to reduce price of domestic refined oil products

2020-3-17 14:25

PetroChina employees conduct daily inspections on equipment at a facility in Puyang, Henan province. [Photo by Tong Jiang/For China Daily]

 

The price of domestic refined oil products will be substantially reduced starting Wednesday, based on its pricing mechanism, said the country's top economic regulator on Tuesday.

 

According to the country's current pricing mechanism for refined oil products which was first introduced in 2016, petrol and diesel prices would not be adjusted as long as global crude oil goes below $40 a barrel or above $130 a barrel. Under the pricing mechanism, when the global crude oil price falls below $40 per barrel, the incremental profit margin will be directed to a special risk reserve, which will allocate funds to oil product upgrades, the security of the oil supply, energy conservation and emission reduction.

 

China will adjust the prices of oil products every 10 working days to better reflect changes in the global oil market, said the National Development and Reform Commission during a news conference in Beijing on Tuesday.

 

As a major crude importer, consumer and producer, an oil price either too low or too high will both lead to negative impact on the country, it said. While a high oil price will impose a burden on oil consuming industries and consumers, a low oil price will jeopardize the normal operations of the domestic crude exploitation industry and further enhance China's dependency ratio on foreign oil.

 

The policy will help China enhance its crude quality, enhance energy security and protect itself against the drastic fluctuation of international oil prices, it said.

 

中石油员工在河南省濮阳市的一家工厂对设备进行日常检查。[中国日报记者姜彤摄]


中国最高经济监管机构周二表示,从周三开始,国内成品油价格将根据定价机制大幅下调。


根据中国于2016年首次推出的成品油定价机制,只要全球原油价格低于每桶40美元或高于每桶130美元,汽油和柴油价格就不会调整。在定价机制下,当全球原油价格跌至每桶40美元以下时,增加的利润将被用于一个特别风险储备,该储备将分配资金用于石油产品升级、石油供应安全、节能减排。


国家发展和改革委员会周二在北京举行的新闻发布会上表示,中国将每10个工作日调整成品油价格,以更好地反映全球石油市场的变化。


它说,作为一个主要的原油进口国、消费国和生产国,油价过低或过高都会对该国造成负面影响。高油价会给石油消费行业和消费者带来负担,而低油价则会危及国内原油开采行业的正常运营,进一步提高我国对国外石油的依存度。


该政策将帮助中国提高原油质量,增强能源安全,保护自己免受国际油价剧烈波动的影响。

 

原作者: Zheng Xin 来自: china daily