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Su Shulin, chairman of Sinopec, also told the First Financial Daily that in the situation that international oil prices are so high and domestic refined oil prices are not in place, the domestic supply of petrol and diesel is indeed a bit tense, but it is certainly "not broken."
The above-mentioned Sinopec personage told "First Financial Daily" that according to the calculation of Singapore's imported gasoline and diesel duty-paid prices, China's gasoline and diesel ex-factory price has reached a historical high of 3,900 yuan per ton and nearly 6,000 yuan per ton. It is understood that on May 22, the international crude oil price broke through 135 US dollars/barrel, which has recently declined, but it also maintained at about 133 US dollars per barrel on May 27.
According to statistics from Ping An Securities, as of May 16th, the price of Shanghai Petrochemical's No. 90 gasoline was 5,480 yuan per ton. The price of Singapore's No. 92 gasoline converted into Renminbi was 9,860.42 yuan per ton, and the domestic and foreign price gap reached 4,380.42 yuan per ton; For diesel, Shanghai Petrochemical’s No. 0 diesel price was RMB 5,070/ton, Singapore's 0.05% S diesel price was converted to RMB 10,403.61/ton, and the domestic and foreign price gap has reached 5,333.61 yuan per ton.
Due to the sharp increase in international oil prices and the fact that domestic refined oil prices have not been adjusted for more than half a year, domestic and foreign market prices have been widening the gap.
At the beginning of April this year, Su Shulin’s figure given at the Hong Kong results briefing was that Sinopec’s petrol produced in March lost RMB 2,162 per ton, and that the monthly diesel production lost more than RMB 3,000 per ton.
In order to make up for some of Sinopec's losses in the refined oil business, the state decided to import 500,000 tons of gasoline from China National Petroleum Corporation from April 1, 2008 to June 30, 2008. 1 million tons of diesel oil and 500,000 tons of gasoline and 1.5 million tons of diesel oil imported by China Petroleum & Chemical Corporation (hereinafter referred to as “Sinopecâ€) are subject to the policy of first-increase in value-added tax for imports.
However, this measure has not completely eased the substantial cost increase of Sinopec, because in the above-mentioned two figures reported in Su Shulin in March this year, the policy of VAT exemption for gasoline and diesel imports at that time was still being implemented. The policy that began in April is a continuation of the previous policy. As a result, the company’s loss of gasoline and diesel has continued to increase in recent days.
Nowadays, the domestic diesel supply situation triggered by the high crude oil prices has also been reproduced.
Su Shulin admits that there is indeed a tense situation in domestic oil supply. Sinopec must ensure the steady supply of gasoline and diesel in the quake-hit areas, guarantee the supply of refined oil during the “three summers†and the Olympics, and increase import efforts. At the same time ensure that the major oil refineries have stable production.
Domestic and foreign diesel spreads rose to nearly 6,000 yuan per ton
With the soaring international oil prices, the domestic and foreign diesel spreads have also reached a record high. An insider of China Petroleum & Chemical Corporation (600028.SH, 00386.HK, hereinafter referred to as “Sinopecâ€) told the “First Financial Daily†yesterday, The difference between domestic and international gasoline and diesel prices is continuing to widen the gap along with the skyrocketing crude oil prices. At present, the difference between diesel oil prices by nearly 6,000 yuan per ton is the highest point in history.