According to the recent changes in oil prices in the international market and the current price formation mechanism of refined oil, the prices of domestic gasoline and diesel will increase by 750 yuan and 720 yuan per ton respectively from 24:00 on March 17, 2022, the national development and Reform Commission said on the 17th. This is the sixth consecutive increase in gasoline and diesel prices since the end of last year, and it is also the largest recent adjustment. This adjustment is equivalent to an increase of about 0.6 yuan per liter. According to the estimation of 50 liter fuel tank capacity, it will cost about 30 yuan to fill up a tank of gasoline after the price adjustment. According to the monitoring of the national development and Reform Commission, since this year, the supply and demand of the global oil market has been tight, geopolitical events have occurred frequently, and international oil prices have continued to rise. Taking Brent crude oil futures price as an example, it was US $96.8 per barrel on February 23, up 22.6% from the beginning of the year. After the outbreak of the Russian Ukrainian conflict on February 24, the international oil price soared rapidly. On March 7, it once exceeded US $139 per barrel, a 13 year high. After that, it fell again. At present, it has fallen to about US $100 per barrel, which is still higher than the level before the outbreak of the Russian Ukrainian conflict. Recently, the international oil price has dropped. Why continue to raise the price of refined oil this time? The relevant person in charge of the national development and Reform Commission said that according to the provisions of the measures for the administration of oil prices, the maximum retail prices of domestic gasoline and diesel are adjusted every 10 working days according to the changes of crude oil prices in the international market. How to adjust the price each time mainly depends on the comparison between the average value of the international oil price in the 10 working days before the price adjustment and the average value in the 10 working days before the price adjustment. It is not simply determined by the changes of the international oil price in the days before the price adjustment. According to comprehensive calculation, the average value in recent 10 working days is still significantly higher than that in the previous period. During the current round of refined oil price adjustment, crude oil prices in the international market rose and fell. The price monitoring center of the national development and Reform Commission predicts that both supply and demand factors will have an impact on international oil prices in the short term, and the situation in Russia and Ukraine is still the biggest uncertain factor affecting international oil prices. On the whole, the international oil price will mainly operate in shock in the later stage. If Russia and Ukraine reach an armistice agreement, the international oil price will still have a large margin of decline. If the international oil price continues to rise, how will the domestic refined oil price be adjusted? The relevant person in charge of the national development and Reform Commission said that when the international oil price continues to rise, but does not exceed US $130 per barrel, the price of domestic refined oil will be adjusted normally according to the mechanism; If it is higher than 130 US dollars per barrel, in accordance with the provisions of the measures for the administration of oil prices and the principle of giving consideration to the interests of producers and consumers and maintaining the stable operation of the national economy, appropriate fiscal and tax policies shall be adopted to ensure the production and supply of refined oil. In principle, the prices of gasoline and diesel shall not be raised or reduced. The official said that the three major companies of PetroChina, Sinopec and CNOOC and other crude oil processing enterprises should organize the production, distribution and transportation of refined oil, ensure stable supply in the market and strictly implement the national price policy. Relevant departments in all localities should strengthen market supervision and inspection, strictly investigate and deal with acts that do not implement the national price policy, and maintain normal market order. Consumers can report price violations through the 12315 platform. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Xinhua
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