Big Three oil companies use international oil prices to raise oil prices

October 18, 2023

After soaring on June 29, international oil prices rose sharply again on July 3. Due to concerns about the shortage of oil supply caused by the escalation of tension in Iran, the London Brent crude oil price exceeded the $100 mark for the first time in three weeks. With the rebound of international crude oil prices, PetroChina and Sinopec took the opportunity to push prices in some parts of the country.

“The impact of rising crude oil on domestic demand is not great, but prices in some areas have been pushed up, especially in Guangdong, and similar conditions have occurred in North China,” Dong Lizhu, an analyst with Treasure Island, a mass product e-commerce platform, told reporters.

It is understood that the occasion of crude oil soared, the Guangdong region PetroChina, Sinopec and other three major units jointly push up the price of gasoline and diesel, the minimum turnover of the bottom line, from 7,200 yuan / ton to 7,300 yuan / ton.

Treasure Island South China oil price index monitoring showed that as of the 4th, the 0# diesel price index was 7481, an increase of 73,93# compared with the previous trading day, and the gasoline price index was 8956, up by 73% from the previous trading day. .

The willingness of the three major companies in Eastern China to boost the market is also relatively strong. The 0# diesel price index rose by 5 compared with the previous trading day. For example, Zhejiang Sinopec and PetroChina jointly pushed up diesel quotes in an attempt to support the market's optimism over the later period, while Shanghai’s main unit was to take the opportunity to stabilize shipments and the willingness to reduce the amount.

However, in Dong Lizhu's view, the short-term rebound in crude oil did not change the market's expectation of lower oil prices. At this time, prices rose sharply and the sales effect was not satisfactory.

Zhongyu Information Analyst Yang Chunlei also believes that the domestic gasoline and diesel prices have declined in the past three months, 0# diesel has fallen by 1400 to 1,500 yuan/ton, and 93# gasoline has dropped by 1,000 to 1200 yuan/ton, but currently it is from raw materials to products. The middle of the logistics link and labor costs have not fallen, so the entire refined oil market is still showing a loss. At present, due to poor demand, refined oil inventories have risen. Therefore, the international oil price rose sharply on two occasions, but whether or not it can reverse the current sluggish market is still difficult to determine.

Despite the strong rebound in international oil prices, monitoring data from Xiwang Energy, Zhongyu Information, and Zhuochuang Information indicated that the rate of change in crude oil prices in the three places were all greater than 9%, far higher than the 4% price adjustment red line. Xia Wang energy analyst Liao Kaiyi believes that the domestic oil product decline is a foregone conclusion, but the decline is expected to narrow.

As of 20:30 on the 4th of Beijing time, New York's oil price was reported at 87.04 US dollars / barrel, down 0.7%; London Brent oil price was at 99.83 US dollars / barrel, down 0.74%.

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