On May 17, the price of domestic refined oil products increased strongly. The price of domestic 92# gasoline reached 7738.8 RMB/ton, with a one-day increase of 2.94%. The price of domestic 0# diesel oil reached 6121.6 RMB/ton, with a one-day increase of 4.45%. In the second quarter, the maintenance of on-site equipment increased, supply was tight, multiple positive superpositions, and the price of domestic refined oil rose strongly.
Recently, the Ministry of Finance, the General Administration of Customs and the State Administration of Taxation jointly issued the Announcement on the Levy of Consumption Tax on Imports of Certain Finished Oil Products (hereinafter referred to as the Announcement) :
1. For the imported products classified as 27075000 in the tax code and distilled aromatics below 200 ℃, which are less than 95% by volume, it is regarded as naphtha, and the unit tax is 1.52 RMB/L.
2. The imported products classified as 27079990 and 27101299 in the tariff code are regarded as naphtha, and the import consumption tax is levied at the unit tax rate of 1.52 RMB/L.
3. For the imported products classified as 27150000 under the tariff No. and distilled below 440 ℃, the volume of mineral oil is more than 5%, which is regarded as fuel oil, and the unit tax of 1.2 RMB/L is levied.
According to the tax code mainly mentioned in the notice, the corresponding products are represented by mixed aromatics, light cycle oil and cut back asphalt. The policy interpretation issued by the tariff Department of the Ministry of Finance points out that light cycle oil, mixed aromatics and cut back asphalt usually contain more aromatics or asphalt components, and are generally not used as fuel oil; However, in recent years, a small number of enterprises import a large number of such products, process and produce fuel that does not meet the national standards, flow to the illegal business channels, endanger the fairness of the refined oil market, and cause greater social security risks and environmental pollution. To solve the above problems, the three departments issued a notice to include the relevant products in the scope of consumption tax collection, which is conducive to regulating market order and promoting fair competition.
After the implementation of the news, the cost of the domestic refined oil market rose, and various manufacturers raised the ex-factory price one after another, with an increase of 100-250 RMB/ton. In addition, international crude oil also has corresponding favourable support. International oil price rose, increasing significantly. The settlement price of the main contract in the WTI crude oil futures market in the United States was $65.37/barrel, up to $1.55 or 2.4%. The settlement price of the main contract in the Brent crude oil futures market was US $68.71/barrel, up to US $1.66 or 2.5%. After the fall of oil price, it rebounded strongly, recovering most of the decline on Thursday. On the one hand, the stronger stock market boosted the oil market, and more importantly, it was mainly affected by the recovery of major US fuel pipelines. However, at present, some parts of the United States are still in excessive shortage of gasoline, which boosted the strength of oil price.
The supply and demand of refined oil are good: The second quarter is the centralized maintenance period of the atmospheric and vacuum distillation unit. The operation rate of the refinery maintains a low level, and the supply side presents a tight trend. In terms of gasoline demand, the domestic temperature is appropriate, the travel radius of the public has increased, and there is a certain demand for goods preparation and storage in the market. In terms of diesel oil, the demand for diesel oil in engineering infrastructure, logistics and transportation industries continued to pick up, and the demand for diesel oil terminals was strongly supported. Positive demand superimposed, domestic oil prices rose sharply.
Shortly, the average start-up load of atmospheric and vacuum distillation units of main refineries in China is about 75%. In May, the main refineries will resume work and overhaul the refineries, and the supply side may not change much.
Chen Ling, the refined oil analyst of SunSirs, believes that the improvement of the consumption tax collection project is beneficial to the normalization development of the domestic refined oil market to a certain extent. Coupled with the favourable support of international crude oil price, the domestic crude oil change rate is at a positive low, the demand for gasoline and diesel continues to improve, and the market fundamentals have some support. It is expected that the refined oil price will still rise in the later period.
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