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Reuters, Beijing, June 2nd
Although the government has called for guaranteeing market supply, the problem of fuel shortages has affected China’s capital and financial center.
In order to find gas stations that have oil added, some drivers have moved in the center of Shanghai this morning for more than one hour. In order to refuel, they have to wait another 20 minutes.
Last weekend, Beijing's tourist bus had to queue up late to refuel. There is a long queue beside the city’s most famous attraction. At a gas station near Beihai Park, the staff member said: "The diesel is gone. They are waiting for the new diesel to come." When asked when the new diesel arrived, he only shrugged.
In the southern province of Guangdong, trucks waiting for diesel were also lined up.
The government called on the loss-making oil refineries to put the new plant into production as soon as possible, keeping in mind the responsibility of ensuring market supply. However, since global crude oil prices have approached $130 per barrel, retail prices have not been raised since November last year, and even a generous subsidy will not be enough to compensate for the serious losses of refiners.
Beijing is worried that raising prices will exacerbate inflation because inflation has reached the highest point in more than a decade. However, Beijing is also worried that fuel shortages will cause turmoil. Analysts believe that the government may take remedial measures to cut crude oil profits tax.
Oil companies said they are waiting for the government to decide to increase the domestic crude oil profits tax threshold to 60 US dollars per barrel. When the taxation began in March 2006, the threshold was $40.
[France's "Echo News" reported on June 2]: China is caught in its oil policy Reporter Yaning Rousseau sent from Beijing The rise in crude oil prices does not please all oil companies worldwide. Although most Western oil companies have seen their profits increase with the rise in oil prices in recent months, the Chinese oil giant is in great trouble. In the first quarter of this year, Sinopec’s net profit suddenly dropped by 72%, and PetroChina’s profits also fell by 31%, which was once considered one of the world’s highest listed companies. According to Beijing's directives, these large state-owned enterprises have to keep their product prices at an artificially low level to protect consumers from rising energy costs. A Chinese expert bluntly said: "We are in a completely abnormal situation."
Although 100 million tons of processed petroleum (especially aviation kerosene) are sold to China at market prices every year, the local refined oil products are sold mainly at government-determined prices. For example, Beijing stipulates that the price of one ton of diesel fuel in China is US$700, while the price in the world market is US$1,200 per ton. PetroChina and Sinopec are also getting oil supplies from the world market.
Jacques de Boisseson, France’s Total Representative to China, said: “They buy at high prices, but they must sell refined products at a stable price equivalent to $70 a barrel.†Therefore, CNPC said that When it produces 1 ton of gasoline or diesel, it loses 3,000 yuan (about 430 US dollars). The Total company expert pointed out: "In short, for CNPC, this fixed-price policy aimed at protecting consumers is equivalent to a loss of 50 billion to 100 billion US dollars in profits each year." Foreign distributors of petroleum products at gas station outlets are also suffering from China’s restrictions on increasing oil prices.
In recent weeks, both Sinopec and CNPC, which are depressed, have stepped up their lobbying activities and prompted Beijing to adjust gasoline and diesel prices. However, the government is resisting the pressure. In the past two years, the Chinese government has only agreed to raise oil prices slightly. The authorities prefer to see oil companies suffer losses, and they are reluctant to allow them to raise oil prices when they already feel an inflationary atmosphere. However, the government cannot completely disregard the rescue calls of these two major oil companies. In order to reduce losses, oil companies have actually tended to limit their production capacity. As a result, there have been signs of shortage in some important areas in Zhejiang, Hebei, and China.
The authorities are concerned that the import VAT for crude oil and some refined oil has been lowered. But De Boissetson said: “The price increase seems impossible at present. Therefore, Chinese consumers who are protected from the impact of rising oil prices will continue to consume more, which will increase the price of oil in the international market. The vicious cycle is not close to a halt. ."
Although the government has called for guaranteeing market supply, the problem of fuel shortages has affected China’s capital and financial center.
In order to find gas stations that have oil added, some drivers have moved in the center of Shanghai this morning for more than one hour. In order to refuel, they have to wait another 20 minutes.
Last weekend, Beijing's tourist bus had to queue up late to refuel. There is a long queue beside the city’s most famous attraction. At a gas station near Beihai Park, the staff member said: "The diesel is gone. They are waiting for the new diesel to come." When asked when the new diesel arrived, he only shrugged.
In the southern province of Guangdong, trucks waiting for diesel were also lined up.
The government called on the loss-making oil refineries to put the new plant into production as soon as possible, keeping in mind the responsibility of ensuring market supply. However, since global crude oil prices have approached $130 per barrel, retail prices have not been raised since November last year, and even a generous subsidy will not be enough to compensate for the serious losses of refiners.
Beijing is worried that raising prices will exacerbate inflation because inflation has reached the highest point in more than a decade. However, Beijing is also worried that fuel shortages will cause turmoil. Analysts believe that the government may take remedial measures to cut crude oil profits tax.
Oil companies said they are waiting for the government to decide to increase the domestic crude oil profits tax threshold to 60 US dollars per barrel. When the taxation began in March 2006, the threshold was $40.
[France's "Echo News" reported on June 2]: China is caught in its oil policy Reporter Yaning Rousseau sent from Beijing The rise in crude oil prices does not please all oil companies worldwide. Although most Western oil companies have seen their profits increase with the rise in oil prices in recent months, the Chinese oil giant is in great trouble. In the first quarter of this year, Sinopec’s net profit suddenly dropped by 72%, and PetroChina’s profits also fell by 31%, which was once considered one of the world’s highest listed companies. According to Beijing's directives, these large state-owned enterprises have to keep their product prices at an artificially low level to protect consumers from rising energy costs. A Chinese expert bluntly said: "We are in a completely abnormal situation."
Although 100 million tons of processed petroleum (especially aviation kerosene) are sold to China at market prices every year, the local refined oil products are sold mainly at government-determined prices. For example, Beijing stipulates that the price of one ton of diesel fuel in China is US$700, while the price in the world market is US$1,200 per ton. PetroChina and Sinopec are also getting oil supplies from the world market.
Jacques de Boisseson, France’s Total Representative to China, said: “They buy at high prices, but they must sell refined products at a stable price equivalent to $70 a barrel.†Therefore, CNPC said that When it produces 1 ton of gasoline or diesel, it loses 3,000 yuan (about 430 US dollars). The Total company expert pointed out: "In short, for CNPC, this fixed-price policy aimed at protecting consumers is equivalent to a loss of 50 billion to 100 billion US dollars in profits each year." Foreign distributors of petroleum products at gas station outlets are also suffering from China’s restrictions on increasing oil prices.
In recent weeks, both Sinopec and CNPC, which are depressed, have stepped up their lobbying activities and prompted Beijing to adjust gasoline and diesel prices. However, the government is resisting the pressure. In the past two years, the Chinese government has only agreed to raise oil prices slightly. The authorities prefer to see oil companies suffer losses, and they are reluctant to allow them to raise oil prices when they already feel an inflationary atmosphere. However, the government cannot completely disregard the rescue calls of these two major oil companies. In order to reduce losses, oil companies have actually tended to limit their production capacity. As a result, there have been signs of shortage in some important areas in Zhejiang, Hebei, and China.
The authorities are concerned that the import VAT for crude oil and some refined oil has been lowered. But De Boissetson said: “The price increase seems impossible at present. Therefore, Chinese consumers who are protected from the impact of rising oil prices will continue to consume more, which will increase the price of oil in the international market. The vicious cycle is not close to a halt. ."
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