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Domestic product oil falls to the level of "floor price"

2020.03.31   14:01

    According to Xinhua news agency, 17 is the window period of domestic oil price adjustment. Peng shaozong, deputy director of the price department of the national development and Reform Commission and first level inspector, said that the recent sharp drop in international oil prices has reached the regulatory lower limit of $40 per barrel (the average price for nearly 10 working days), which is commonly known as the "floor price". The price of domestic refined oil will be substantially reduced to the corresponding level of $40 international oil price since 24:00 on the 17th according to the mechanism, and the part below $40 will not be lowered any more.

    Peng shaozong said at a press conference held by the national development and Reform Commission on the same day that when the international oil price is lower than the regulatory lower limit, the amount of domestic refined oil price that has not been adjusted is not directly left to the enterprise as income, but all of it is included in the risk reserve. According to the measures for the administration of the collection of risk reserve for oil price regulation, it is fully turned over to the central treasury, incorporated into the general public budget management, and coordinated Sources of funds for energy conservation and emission reduction, improvement of oil quality, security of oil supply, and implementation of safeguard measures in response to large fluctuations in international oil prices.

    According to the measures for the administration of oil price, the maximum retail price of domestic gasoline and diesel oil shall be adjusted every 10 working days according to the change of international crude oil price.

    Peng shaozong said that the price mechanism of refined oil sets the upper and lower limits of regulation. The upper limit is US $130 per barrel and the lower limit is US $40. That is to say, when the price of crude oil in the international market linked to the price of domestic refined oil is higher than US $130 per barrel, the maximum retail price of gasoline and diesel will not be raised or less raised; when it is lower than US $40, the maximum retail price will not be lowered.

    "Setting the upper and lower limits is mainly to consider that China is not only a big country in oil import and consumption, but also a big country in oil production. Too high and too low oil prices will bring adverse effects. If it is too high, it will increase the burden on the oil industry and consumers, and affect the stable operation of the national economy; if it is too low, it will affect the normal development of the domestic crude oil exploitation industry, weaken the self-sufficiency, and further increase the degree of dependence on foreign countries, which is not conducive to ensuring the domestic energy security. " Peng shaozong said.

    From January to April 2016, due to the sharp drop of international oil price, the lower limit of domestic refined oil price regulation was triggered, and the domestic oil price was not adjusted according to the mechanism below $40.


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