Source: Photo Network
At 24:00 on January 17, a new round of price adjustment window for domestic refined oil products opened.
According to the official website of the National Development and Reform Commission, according to recent changes in oil prices in the international market and in accordance with the current refined oil price formation mechanism, starting from 24:00 on January 17, 2024, domestic gasoline and diesel prices (standard products, the same below) will be reduced by 50 yuan per ton. Judging from the national average, the price of 92 No. gasoline will be reduced by 0.04 yuan per liter; the price of 95 No. gasoline will be reduced by 0.04 yuan per liter.
The National Development and Reform Commission stated that the three major companies of PetroChina, Sinopec, CNOOC and other crude oil processing companies must organize the production and transportation of refined oil to ensure stable market supply and strictly implement national price policies. Relevant departments in various localities must intensify market supervision and inspection, strictly investigate and deal with non-implementation of national price policies, and maintain normal market order. Consumers can report price violations through the 12315 platform.
Zhuochuang Information analysis shows that the first retail price limit reduction of refined oil products may be implemented in 2024. After the implementation of this price adjustment policy, consumers' oil costs have dropped slightly. Taking a family car with a fuel tank capacity of 50L as an example, filling up a tank of No. 92 gasoline saves 2 yuan.
Analysis of market size and volume of global petrochemical logistics industry
According to data from the China Petroleum and Chemical Industry Federation, China has become the world's largest petroleum and chemical country, accounting for 40% of the global market share. In 2022, enterprises above designated size in China's petroleum and chemical industry will achieve a cumulative operating income of 16.56 trillion yuan. According to preliminary statistics, in 2022, the scale of the global petrochemical industry will be 41.4 trillion yuan.
Analysis of China’s crude oil processing volume
With the continuous growth of domestic refining capacity, the output of refined oil products has increased rapidly, and the output of refined oil products has continued to grow. According to data from the National Bureau of Statistics, China's crude oil processing volume maintained a steady upward trend from 2011 to 2021. In 2021, China's crude oil processing volume reached a cumulative 703.554 million tons, a cumulative increase of 4.3%. From January to November 2022, China's crude oil processing volume reached a total of 615.991 million tons, a year-on-year decrease of 3.9%.
Coastal crude oil shipping volume increased by 18.2% year-on-year
In terms of transportation of liquids and hazardous chemicals, due to factors such as the surge in international oil prices, the COVID-19 epidemic, and the traditional maintenance season of refineries in the first half of the year, especially since March, transportation demand has weakened. In the second half of the year, as oil prices stabilized and the overall load of refineries gradually recovered, transportation demand gradually recovered, and transportation volume increased throughout the year. From the perspective of crude oil and refined oil transportation, the coastal crude oil transportation volume in 2022 will be 91 million tons, a year-on-year increase of 18.2%, and the refined oil transportation volume will be 85 million tons, a year-on-year increase of 4.9%.
The Price Monitoring Center of the National Development and Reform Commission predicts that in the short term, oil prices will show a volatile and weak trend. It is difficult for crude oil demand to improve significantly, and the increase in crude oil production in Iraq, Angola and other countries has also partially offset the support effect of the "OPEC+" production reduction measures on oil prices.
Forward-looking Economist APP Information Group
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