How are domestic refined oil products priced?

Since 2022, the domestic price of refined oil products has risen 11 times, and the unit price of No.
92 gasoline has exceeded 9 yuan, and the unit price of No.
95 gasoline has risen by more than 10 yuan
.
This record oil price makes people shout that they can't afford it, and the throttle is afraid to step on it!

Why are domestic oil prices so expensive? This is not only to start from the domestic refined oil pricing mechanism, but also to find out the reasons for the rise in international oil prices, in addition to the Russian-Ukrainian war, in fact, it is also related to the deep changes in the pattern of the international energy game, and the latter is the internal determinant
of the continuous rise in oil prices.

Rong commented that according to the rules of the domestic refined oil pricing mechanism, when the international oil price reaches $130, there is no room for domestic oil prices to rise, that is, now the oil price basically peaks and will not rise again
.
The international oil price, ostensibly related to the Russian-Ukrainian war, that is, because of Western sanctions, Russia's reduced energy supply, in fact, it is fundamentally caused by inflation caused
by the West's monetary over-development, and the radical new energy revolution.

According to the General Administration of Customs, China's total imports of crude oil from overseas in May this year were about 45.
82 million tons, an increase of more than 11.
8%
year-on-year.
Among them, crude oil imports from Russia increased by 55%
year-on-year.
Russia has also replaced Saudi Arabia as China's first crude oil supplier
.

This means that we are also buying discounted oil from Russia, so why are domestic gasoline prices still rising?

After several rounds of reform of the domestic refined oil pricing mechanism, the current rules are basically as follows:

Domestic refined oil prices and international oil prices are conditionally linked, and the pricing and price adjustment cycle is 10 working days, that is, the average of
international oil prices in the past 10 working days is referenced.

In January 2016, the National Development and Reform Commission further improved the pricing mechanism for refined oil products and set upper and lower limits
for regulation.
When the international price of refined oil products is higher than $130 / barrel, the domestic retail price of gasoline and diesel is reduced; When the international oil price is lower than 40 US dollars / barrel, the domestic gasoline and diesel retail maximum price limit is not reduced; International oil prices run between $40-130/bbl, while domestic refined oil prices rise or fall
depending on the situation.

That is, domestic refined oil prices are not indefinitely followed by the rise and fall of international oil prices, it has a sky floor mechanism, the upper limit is 130 US dollars, and the lower limit is 40 US dollars
.
Once international oil prices touch the upper or lower limits, domestic oil prices will not be adjusted, or less adjusted
.

That is to say, if the international oil price is maintained between 40-130 US dollars / barrel, then the domestic refined oil price will be adjusted
according to the above, with reference to the international oil price in the last 10 working days.

However, if the international oil price rises above the "ceiling price" (that is, the international oil price exceeds 130 US dollars / barrel), even if it rises to 150 US dollars / barrel, the domestic refined oil price will no longer follow, or reduce the rise
in the national oil price.

Similarly, if the international oil price falls to the "floor price" (that is, $40 / barrel), the domestic refined oil will no longer be adjusted according to the national oil price, even if it falls into the negative number of the previous two years, the domestic refined oil price will not be adjusted
.

After the outbreak of the Russo-Ukrainian War, international oil prices peaked at $130 and now fall back to around
$110.
Although according to the calculation of the international oil price on the 10th day, because the current international oil price fluctuations are still at a high level, domestic oil prices cannot be quickly reduced, but according to the rules of domestic refined oil pricing, because the international oil price is not far from 130 US dollars, close to the upper limit of domestic oil prices, domestic refined oil prices have basically peaked
.

In addition to international oil prices as the main anchoring factors affecting domestic refined oil prices, domestic refined oil prices are also affected by factors such as crude oil imports, petrochemical production, transportation costs and profits, taxes and fees
.

Many people have asked, China imports a large number of Russian crude oil, and Russia also gave us a good discount, is the lowest cost among China's crude oil suppliers, why domestic oil prices continue to rise to a new high?

It is worth noting that the discounted oil price of short-term imports cannot be immediately reflected in the retail price of
domestic refined oil.

Not to mention that China's oil prices are staring at the rise and fall of international oil prices, the deeper level is that oil imports are a long-term behavior, and the retail price of refined oil products is affected by multiple factors such as production, transportation, profits, taxes and fees
.

Because oil imports are different from ordinary people buying chai rice, oil and salt, buy more when it is cheap, and buy less when it is expensive
.
As a cornerstone of a country's stability, oil must be cautious in adjusting imports
.

In order to ensure the security and stability of oil supply, China has signed long-term agreements
with oil exporters over the years.

The constraints of the agreement are beneficial to both sides - the exporting state has a long-term "order" that dares to scale production, and the importing country has a stable supply of oil, and the oil price under the long-term agreement is certainly more stable
than the short-term price.

Therefore, under the constraints of the agreement, China will not rush to adjust its oil imports, China has always had the spirit of contract, if we buy more Russian discounted oil, and reduce the purchase of other channels, then it is easy to default on the agreements signed by other channels
.

The Russian oil discount is a short-term act, and it is obviously not cost-effective to default for such temporary profits, and it will also have an impact
on future cooperation.

Therefore, even if Russian oil is sold at a discount, China does not want to buy as much as it
wants.
And there are also prices in the long-term energy agreement with Russia
.

Therefore, we cannot assume that if Russian crude oil is discounted, the price of refined oil products in our country will definitely fall
.

In addition, the retail price of gasoline is composed
of crude oil cost, refining cost, transportation cost, sales cost, import link cost, government taxes and fees, etc.

In particular, the consumption tax contained in the price of refined oil products sold in China accounted for 26.
81%, of which the value-added tax reached 14.
53%, and the remaining part included enterprise income tax and urban construction tax
.
These taxes account for about 50% of the price, and the remaining 50% is the true cost price
of domestic gasoline.

Now short-term international oil prices due to some actions of the United States, Saudi Arabia and a sharp fall, has fallen below $100, in this context, domestic oil prices should soon appear to fall, the current gasoline prices basically belong to the top
.