Recently, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Commerce, the General Administration of Customs, and the State Administration of Taxation have jointly issued a circular to adjust the current export policies for refined oil products, requesting that domestic petrol export tax rebates be suspended from September 1 to December 31 this year. . The introduction of this new policy has aroused strong repercussions. Some industry experts pointed out that if we do not study from the sources of gasoline pricing, wholesale and retail sales, and financial subsidies, it is probably not realistic to eliminate the “oil shortage†by canceling the gasoline export tax rebate alone.
An expert from the Henan Academy of Social Sciences said that the current "oil shortage" is mainly caused by an extreme shortage of the domestic refined oil market. On the other hand, most domestic oil refining companies continue to reduce losses and increase income through exports. The “upside down†between crude oil imports and refined oil export prices in China, the “upside down†between the crude oil purchase price of refinery companies and the ex-factory price of refined products has forced companies to reduce losses and increase revenues through refined oil exports. This situation is mainly caused by the current monopoly of China's oil supply system and production. If we do not solve this fundamentally, the current "oil shortage" may have a prolonged war.
From the data provided by relevant parties, at present, China's petrol transaction prices in Singapore, Rotterdam, and New York are lower by 1,400 yuan/ton, and the gross profit of exports is above 28%. Even with other fees, profits should be increased. About 25%. The current export tax rebate rate in China is only 11%, which means that exporters of refined oil products do not want to refund 11% of the tax, and they will also earn about 14%. Therefore, the suspension of export tax rebates has a very limited role in the "temporary treatment" of gasoline exports.
In addition, although suspension of export tax rebates can restrain the export of some refined oil companies, it may not necessarily increase domestic supply. The CEO of an oil refinery company in East China stated that it is "there are policies and countermeasures." Everyone knows that domestic refined oil prices will continue to rise, and companies will use the saturating production capacity to implement limited supply of refined oil products to the society. The boss of an oil company in Henan Province said that a few speculators have started hoarding refined oil products and wait for the oil price to rise before selling.
Therefore, some experts suggest that relevant state departments can implement the suspension of oil product export tax rebate as an auxiliary measure to curb the “oil shortageâ€. In order to increase the social supply of refined oil from the source, we must quickly break the monopoly of the current domestic oil supply system and production industry, and encourage private capital to enter the refined oil market. At the same time, the state should step up efforts to improve the current strategic reserve mechanism for refined oil products, and provide support to refinery companies or other industries such as transportation that are seriously affected by oil prices. In a word, it is not feasible to rely solely on the suspension of export tax rebates.
An expert from the Henan Academy of Social Sciences said that the current "oil shortage" is mainly caused by an extreme shortage of the domestic refined oil market. On the other hand, most domestic oil refining companies continue to reduce losses and increase income through exports. The “upside down†between crude oil imports and refined oil export prices in China, the “upside down†between the crude oil purchase price of refinery companies and the ex-factory price of refined products has forced companies to reduce losses and increase revenues through refined oil exports. This situation is mainly caused by the current monopoly of China's oil supply system and production. If we do not solve this fundamentally, the current "oil shortage" may have a prolonged war.
From the data provided by relevant parties, at present, China's petrol transaction prices in Singapore, Rotterdam, and New York are lower by 1,400 yuan/ton, and the gross profit of exports is above 28%. Even with other fees, profits should be increased. About 25%. The current export tax rebate rate in China is only 11%, which means that exporters of refined oil products do not want to refund 11% of the tax, and they will also earn about 14%. Therefore, the suspension of export tax rebates has a very limited role in the "temporary treatment" of gasoline exports.
In addition, although suspension of export tax rebates can restrain the export of some refined oil companies, it may not necessarily increase domestic supply. The CEO of an oil refinery company in East China stated that it is "there are policies and countermeasures." Everyone knows that domestic refined oil prices will continue to rise, and companies will use the saturating production capacity to implement limited supply of refined oil products to the society. The boss of an oil company in Henan Province said that a few speculators have started hoarding refined oil products and wait for the oil price to rise before selling.
Therefore, some experts suggest that relevant state departments can implement the suspension of oil product export tax rebate as an auxiliary measure to curb the “oil shortageâ€. In order to increase the social supply of refined oil from the source, we must quickly break the monopoly of the current domestic oil supply system and production industry, and encourage private capital to enter the refined oil market. At the same time, the state should step up efforts to improve the current strategic reserve mechanism for refined oil products, and provide support to refinery companies or other industries such as transportation that are seriously affected by oil prices. In a word, it is not feasible to rely solely on the suspension of export tax rebates.
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