1. At present, China does not have the pricing power of oil products, mainly because it has no chance to participate in futures trading. Because there is no risk transfer mechanism, we can only passively accept the price increase when buying the spot. International oil price refers to the futures price, not the spot price. The crude oil used by refining enterprises can only be the oil mined in the past, not the oil to be mined in the future. Therefore, the impact of international crude oil prices on refined oil prices has a lag period. 2. The price of refined oil is not only related to the price of crude oil, but also influenced by many factors such as market supply and demand, personnel cost, transportation situation, energy policy, water and electricity supply, etc. Crude oil is not the only factor that affects the price of refined oil. 3. China has not liberalized the price of refined oil, so the adjustment of oil price must consider the national economic situation, not only the operating conditions of oil refining enterprises, but also the current domestic price level, inflation, fiscal revenue and other factors.

Generally speaking, the pricing mechanism of refined oil products is not straightened out, the oil circulation system is not perfect and supervision is absent. The current pricing mechanism has a long pricing cycle and the price adjustment time lags behind.