Study Of The Market-oriented Pricing Mechanism For Product Oil In China

Oil is a strategic resource and matters the healthy and stable development of national economy and national energy security. Along with the rapid growth of economy in China, the oil consumption increases year by year. Because domestic produced crude oil can’t meet the increasing consumption needs, the external dependency of crude oil is rising continually. As the oil refined products, the international oil price fluctuations conduct to the domestic refined oil market by product oil, has a certain impact on the domestic economy and adverse effects. Therefore, Oil pricing problem become the important factor of mattering national economy health development and national energy security.In view of this, China’s product oil pricing mechanism has been going on continuously perfect, with the overall trend from national pricing to gradually integrate with the international market, and from the reference to the international product oil market to reference the international crude oil market. The current pricing mechanism is a kind of market-oriented pricing mechanism which external indirectly connected with the international market and internal implement national price. To some extent, this mechanism alleviate the international crude oil price fluctuations on the influence of the domestic refined oil market, but there are still violate the market rule problem such as distortion of supply and demand, sensitive response lag, can’t reflect international crude oil price changes sensitively. This pricing mechanism not only can’t reflect energy real value and implement the optimization to the energy structure, but also makes oil refining enterprise bear policy losses and brings to the state-owned assets loss.Considering the disadvantages of current pricing mechanism and the present situation of domestic crude oil, refined oil market supply and demand, based on the experience of the foreign oil pricing mechanism reform, marketization of refined oil pricing is the reform direction and ultimate goal. But in order to safe, without making the market-oriented reform impact on the domestic market, the market also should be a gradual process with develop domestic market both the ability to adapt and to cultivate the domestic refined oil enterprise’s competitive ability. At the same time, to perfecting the supporting mechanism is necessary. On the basis of analysis of crude oil and refined oil market situation at home and abroad, and with the method of combining theoretical research and empirical analysis, this article will research China’s product oil pricing mechanism of the evolution and current oil pricing mechanism of the effect and problems, discuss market equilibrium under different pricing mechanism through the knowledge of the equilibrium price theory and game theory. Finally, the specific measures of the marketization of refined oil pricing mechanism to establish and implement will be presented.