Refined oil new pricing mechanism but schedule unfixed
According to "Guangzhou Daily", the State Development and Reform Commission said China will adopt a new refined oil pricing mechanism.
Pricing mechanism reform has not been finalized; however, the pricing mechanism of the oil industry will remain the same more or less. "In 2007 refined oil wholesale segment will be fully opened, the number of rivals will increase, so it is unreasonable if the pricing mechanism had not come out under the circumstances." Guangzhou Petrochemical Company official said.
At present, the Ministry of Commerce is holding a national work conference on management of the oil market, but the official of Financial Planning Department said no latest news released yet.
It is reported that the new mechanism will take a close look at Brent, Minas and Dubai, rather than Oil Prices calculation method of New York, Singapore and Rotterdam. The average benchmark price of crude oil coupled with appropriate profit margins, refinery costs, domestic tariffs and circulation expense of refined oil products and so on, finally form a common benchmark retail prices for oil products.
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