China's finished oil price survey accounts for nearly 1/3 of the tax revenue

“What is the cost of a liter of gasoline? What steps do we have to undergo, how much does it cost, and ultimately it flows to consumers? What is the difference between a foreign oil product pricing mechanism and China? How do the oil prices in Europe and the United States, Japan, Korea, and other countries constitute? ?

Although consumers use gasoline and diesel every day, the taxes and fees that need to be paid for the composition and intermediate links of oil prices are confusing because of too many links. The reporter conducted detailed investigations on Sinopec's Hainan Refinery and Zhenhai Refinery, and analyzed the composition of domestic refined oil prices. ”

Crude oil purchase order 2 months in advance

Jiang Zhenghong, general manager of Sinopec Zhenhai Refinery, told this reporter that, in fact, imported crude oil prices are generally determined about two months before the arrival of crude oil, because taking into account the transportation, processing, circulation and other links, imported crude oil needs to be purchased 2 months in advance. It is precisely because of this – due to the existence of a certain settlement period in the purchase of imported crude oil, resulting in the domestic crude oil prices and international oil prices will often be out of synch, that is sometimes the international oil prices continue to rise, while the domestic processing of crude oil prices are far lower At the current international oil price, when the international oil price fell, the domestic crude oil price processed was higher than the current international oil price.

At the Ningbo Taishan Crude Oil Terminal, the reporter happened to meet with two 300,000-ton oil tankers from Tanzania and Panama, which had been parked and unloaded. Due to the frequent price fluctuations in the international crude oil market, coupled with transportation, oil refining, logistics, etc., the purchase of crude oil from foreign countries requires an order for two months in advance. For the ever-changing international crude oil price, the price difference between two months ago is very large, which brings a lot of operating pressure to the oil refining companies.

According to industry sources familiar with crude oil trading, at present crude oil imported from abroad is required to pass crude oil from China for shipment to China's crude oil terminals for more than one month, and it takes more than 40 days to reach domestic ports. Afterwards, the unloading of the dock will vary depending on the size of the tanker. For example, a 300,000-ton oil tanker will take about two days to fully discharge the oil. After the completion of the unloading, the imported crude oil passes through the pipeline at the port and is processed and then transported to the refinery. The period of this period is about 10 days. It takes about 10 days to process the crude oil from the refinery into refined oil to the middle of the factory. It takes about a week to reach the gas station from the refinery.

Crude oil processing costs average 5146 yuan/ton

Jiang Zhenghong, general manager of Sinopec Zhenhai Refinery, confirmed to the reporter that the crude oil cost accounts for more than 95% of the total cost of the refinery. Sinopec's 2012 annual report shows that last year its procurement of crude oil costs 880.7 billion yuan, the purchase of crude oil from outside purchased 168.81 million tons (excluding the amount of processing of crude oil), the average unit processing cost of purchased crude oil is 5223 yuan/ton, processing raw materials The average cost of oil is 5,146 yuan/ton.

According to public data, the international crude oil price (CIF) last year was measured by the British North Sea Brent crude oil price and the New York Mercantile Exchange Texas light crude oil price index. In 2012, the average Brent crude oil price was 5165.46 yuan. t, the average price of crude oil traded on the NYSE over the same period was about 4354.65 yuan/ton.

The annual report shows that Sinopec's refining unit cash operating costs in 2012 (operating costs minus crude oil and raw material oil processing costs, depreciation and amortization, income tax other taxes and other business expenses, etc., divided by crude oil and raw material oil processing volume) were 157.5 yuan. /Ton. Wang Yubing, chairman and general manager of Sinopec Hainan Refinery, revealed that Sinopec’s refining cash operating cost is US$2 per barrel.

It is understood that the current product oil includes domestic self-produced crude oil refining and the use of imported crude oil refining and imported oil products. The cost of imported crude oil is calculated as follows: (International spot price of crude oil + CIFs) × USD exchange rate against RMB × (1 + value-added tax rate) × (1 + import tariff rate) + (storage, port miscellaneous expenses, etc.), Among them, the tariff rate of imported crude oil is 0, and VAT is 17%. In the spot transaction, there are differences in terms of the number of goods, ports, and designated delivery warehouses for the on-site premiums, port charges, storage fees, and commodity inspection fees.

Taxes account for nearly one-third of refined oil prices

Sinopec's 2012 annual report shows that in 2012, the average wholesale price of Sinopec gasoline was 8,182 yuan/ton. In the same period, the retail price of gasoline on the New York Stock Exchange was 7905.4 yuan/ton, which means that the wholesale price of Chinese gasoline is higher than the retail price of US gasoline per ton. Higher than 380 yuan / ton. If coupled with the logistics, transportation, and labor costs of the retail sector, the retail price of gasoline in China will be approximately 16%-30% higher than that of US gasoline. Chinese consumers need to pay VAT, consumption tax (fuel tax), urban construction tax, and other expenses when purchasing refined oil—a rough estimate that the tax burden in circulation is 30.46% of the total refined product price.

Statistics show that among the gasoline prices paid by consumers in the United States, crude oil costs, refining costs, and sales costs accounted for 67%, 15%, and 7%, respectively, of which gasoline taxes account for approximately 13% and diesel taxes account for 12%. The Chinese refined oil tax includes consumption tax and value-added tax, urban construction tax based on consumption tax and value-added tax, education surtax, and local education surcharges, of which gasoline tax accounts for 30.46% of the final retail price. Taxes account for about 26%.

Comparing China, Hong Kong, and Taiwan with the United States, Britain, Germany, Japan, and South Korea, gasoline taxes in different countries (regions) accounted for the final retail price of gasoline. The taxation rate of gasoline prices in mainland China accounted for 30.46%, which is a medium level. The lowest is the United States, accounting for 11.22%, the highest is the United Kingdom, its tax revenue in gasoline accounted for 58.46%; followed by Germany (58.46%), South Korea (49.24%), Hong Kong, China (30.57%).

"Bare oil price" China is slightly lower than the United States

From the pre-tax price point of view, the difference in the prices of refined oil in various countries (regions) is not significant. In the past two years, the average price of WTI crude oil in the United States was US$17/barrel lower than that of Brent. China's crude oil imports mainly refer to the price of Brent crude oil in the North Sea in the United Kingdom. Since 2011, the average WTI crude oil price in the United States has been around US$17/barrel lower than that of Brent (which was US$15.76/barrel in 2011 and US$17.51/barrel in 2012), according to the latest The RMB exchange rate against the US dollar is calculated at 1:6.14, which is equivalent to that China's crude oil cost is about 700-800 yuan more per ton than the United States. The price of refined oil in China is slightly higher than that of the United States. Taking March 2013 as an example, the pre-tax price of gasoline in the United States was 5.46 yuan/liter and the post-tax price was 6.15 yuan/liter. The price of gasoline in the Mainland of China is RMB 5.09 per litre before tax and RMB 7.23 per litre after tax.

However, it is interesting to note that comparing the retail price of REGULAR gasoline and China's 93# gasoline in the past two years, taking into account the Sino-U.S. refined oil taxation, we can see that if we eliminate the tax factor, the price of refined oil in China is slightly lower than that of the United States (“bare oil price”. "China is lower than the United States." If integrated tax factors, China's refined oil prices (the full price paid by consumers) are higher than the United States, of which gasoline is slightly higher than the United States, and diesel after-tax prices are slightly higher than those of the United States and Taiwan. Lower than Britain, Germany, Japan and South Korea.

Different countries (regions) have different oil price formation mechanisms

Even at the same time, the price of oil at different gas stations in some countries will be different in the same region. Industry sources say the reason is that the oil price formation mechanism is different.

The reporter learned that the mechanism for the formation of refined oil prices in various countries (regions) in the world can be roughly divided into three categories: First, in economically developed countries such as Europe and America, prices have long been formed by the market, and the government does not directly intervene. Second, China's peripheral countries (regions), including South Korea, Japan, and Taiwan, gradually opened up their markets in the late 1990s, and the government (authorities) regulated the step-by-step pricing mechanism to the market. This can be used as the main reference body for the refined oil price reform in China. Third, prices are still controlled by the government. Such as Saudi Arabia, Venezuela and other countries.

US oil pricing is not regulated by the government. Crude oil companies in the United States are all set aside at market prices. The prices of refined oil produced by refineries in domestic and foreign markets are also entirely determined by the market.

BP determines its own product oil prices. At the same time, the pricing of each gas station must also take into account the gas station's geographical location, competitors' prices and other factors, and determine the price of each gas station based on the basic price.

The price of refined oil in Germany is generally priced based on the daily quotation of organic chemicals in Rotterdam, the operating costs and profits of oil companies, plus government taxes.

The pricing of Korean oil companies is linked to MOPS in the international market, and the ex-factory price of the refinery is determined on the basis of relevant formulae. However, when considering the pricing, the company's business performance and market strategy are taken into more consideration; based on ex-factory prices Increased distribution gross profit and government tax constitute the final retail price of refined oil.

The price of oil products in the Hong Kong Special Administrative Region of China is determined by the market. The authorities do not directly interfere with prices. Second, they are responsible for supervising price formation, preventing monopoly and other unfavorable behaviors from consumers.

Two major components of domestic oil prices

From the initial exploration and exploitation of crude oil, to procurement, to refinery processing into refined oil, and finally to the consumption chain, how much taxes and fees are required to be paid in the entire process? According to incomplete statistics, crude oil exploration and production are taken as examples. In the production and sales of crude oil, enterprises need to pay special oil proceeds (“profit tax”), resource taxes, mineral resources compensation fees, exploration rights royalties, and mining rights. There are 13 kinds of taxes and fees, including fees, corporate income tax, value added tax, urban maintenance and construction tax, education surtax, local education bonus, cultivated land occupation tax, real estate tax, and land use tax.

When entering the midstream refinery, besides paying taxes such as value-added tax, corporate income tax, urban maintenance and construction tax, education surtax, local education surtax, cultivated land occupation tax, real estate tax, land use tax, etc. There is also a consumption tax. The principles for the calculation of refined oil consumption tax are: gasoline is 1 yuan per litre and diesel is 0.8 yuan per litre.

When it comes to the wholesale and retail links of downstream oil products, companies are required to pay 8 kinds of taxes including VAT, corporate income tax, urban maintenance and construction tax, education surcharge, local education surtax, cultivated land occupation tax, real estate tax, and land use tax.

This means that changes in the price of refined oil is mainly composed of two major crude oil purchase price and tax components.

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