Research On The Reform Of China's Refined Oil Pricing Marketization

With the continuous opening of China's refined oil market,the downstream market environment of refined oil has undergone tremendous changes.State-owned enterprises,foreign-funded enterprises,private enterprises and other entities have participated in the downstream business of refined oil,and the market competitiveness has increased.It is expected that China's refined oil prices will fluctuate in the international crude oil prices,the domestic refined oil supply and demand sides will be coordinated,and the national macro-control under the comprehensive influence of the policy,the overall stability will be maintained.The utilization of oil and refined oil is the lifeblood of the country's economy.At this stage,the refined oil price mechanism has been in line with international oil prices.The shortened price adjustment cycle makes it more flexible to reflect changes in market supply and demand.The process of national integration in the refined oil market is accelerating,and regional price differences are overall The decline and the significant increase in the level of marketization of refined oil prices have promoted the long-term development of the market economy in my country's petroleum industry.However,my country's current crude oil dependence on foreign sources remains high,the lack of voice in international crude oil pricing,and the unsmooth circulation mechanism all pose challenges to the operation of my country's refined oil market and price market reforms.my country's refined oil price market reforms under the linkage of domestic and foreign prices research has attracted widespread attention in the academic community.Combining the research results of domestic and foreign scholars,the author believes that most of the current research on the market-oriented reform of refined oil prices is analyzed from a single level of influencing factors,that is,from the reform of my country's refined oil circulation system,the adjustment of the oil market structure,the linkage between domestic and foreign oil prices,consumption tax reform,etc.However,there are fewer literatures on the formation of refined oil market-oriented prices from the perspective of the relationship between different market entities,which is a starting point for the research.This article studies practical issues on the basis of related theories of Marxist political economy.In view of the reform process of my country's refined oil pricing mechanism and the status quo of refined oil price market-oriented reforms,this article summarizes the problems in the current reform process,including my country's bargaining power in the international crude oil pricing market needs to be improved,the circulation system reform that complements the market-oriented reform of refined oil prices is not in place,the distribution of benefits in all links of the industrial chain is unbalanced and the oil industry monopolizes under the conditions of intensified competition in refined oil terminal prices The coexistence of competition has imposed certain binding force on private enterprises,and the regulation and supervision of refined oil prices by fiscal and taxation policies has not played an obvious role.On this basis,the author uses VAR model,case analysis and other methods to systematically analyze the main factors affecting the formation of market-oriented prices of refined oil from three levels:domestic and foreign price transmission effects,changes in supply and demand structure,and government macro-control.The main conclusions are as follows:first,under the effect of the price transmission mechanism,the overall trend of changes in international crude oil prices and domestic refined oil prices tends to be consistent.International crude oil prices are mainly affected by their own historical prices and diesel prices,but in comparison,diesel prices have a relatively small impact on international crude oil prices,and the reverse transmission of diesel prices to crude oil prices has a certain lag;Second,the price of refined oil has always followed the value law of “value is the foundation,and price fluctuations are mainly due to changes in the relationship between supply and demand”;third,the continuous increase in the level of marketization of refined oil prices is an inevitable choice for the operation and development of China's refined oil market,but the government Macro-control has played an effective role in effectively responding to the situation of abnormal fluctuations in international oil prices.At present,certain realistic conditions are still lacking in order to achieve complete marketization of refined oil prices.The relationship perspective clarifies the policy recommendations to further promote the market-oriented reform of China's refined oil prices:From a market perspective,one is to build a complete refined oil futures trading market and strive to increase the bargaining power of China's international energy market;the second is to broaden the participation of multiple entities in refined oil products.Channels for competition in the terminal market to optimize the competitive landscape.From the government's perspective,one is to formulate reasonable and effective product oil market competition rules;the second is to further break the administrative monopoly and optimize the market competition environment;the third is to build a pricing control system that conducts prices and taxes in the refined oil industry chain,and formulate dynamics,refined tax and fee policies to guide the positive transmission of international crude oil prices to my country's crude oil prices and then to my country's refined oil prices;the fourth is to improve the regulatory system of the central and local governments,strengthen the supervision of laws and regulations and taxation,and clarify the government's supervision responsibilities,Provide institutional guarantee for the realization of marketization of refined oil prices.