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Zhou Ruohong and Yin Xiaodong believe that the price calculated according to the amount and quantity of customs statistics does not include the tax price, while the domestic sale of refined oil prices (crack the oil price dilemma) includes VAT, consumption tax, and urban construction tax and education surtax, neither of which has Comparability.
Secondly, the export price of refined oil products mentioned in the report was RMB 2.4/liter, which was calculated based on the actual export value of customs statistics from January to August divided by the number of exports. The export volume and quantity of customs statistics included not only gasoline and diesel. Also included are aviation kerosene and relatively low-priced naphtha and fuel oil, and the price calculated here is not comparable to domestic gasoline and diesel prices.
According to the statistical analysis of the customs in the first three quarters of this year, China’s state-owned enterprises’ exports of refined oil accounted for 68.1% of China’s total oil product exports during the same period. In addition, foreign-invested enterprises exported 5.198 million tons, accounting for 30.5%. In the same period, the export of gasoline was 3.134 million tons less than 20%.
Third, the amount and quantity of trade statistics by the customs are all calculated according to the quantity and amount of import and export contracts. The quantity includes the quantity of processing trade imported, and the amount of the part of the processing trade contract signed to feed is not the export price. It is a processing fee that results in a low price calculated by dividing the amount of trade in customs statistics by the quantity.
Fourth, the export price of gasoline and diesel by customs statistics does not include the domestic sales cost of the importing country, and therefore is not comparable to the domestic retail price of gasoline and diesel.
Zhou Ruohong emphasized that the quality of domestic exports of gasoline and diesel oil is in full compliance with the requirements of the international market, and the quality of gasoline and diesel sold in the country is also in full compliance with the national quality standards. Last year, domestic refined oil resources were strained. In order to ensure the supply of the domestic market, Sinopec significantly reduced its exports. This year, affected by the market, domestic supplies were loose and Sinopec resumed its exports. Therefore, the export volume this year was higher than last year.
Sinopec responds to refined oil export prices: the average export price does not include tax
According to media reports on the average export price of domestic refined oil from January to August this year at RMB 2.4/liter, Zhou Ruohong, chief analyst of China Petroleum & Chemical Corporation (hereinafter referred to as Sinopec): Yin Xiaodong stated that this argument is unscientific and objective and seriously misleads public opinion and consumers.