It can only be said that the adjustment is basically synchronous, but the adjustment range is different. This phenomenon is caused by the domestic price adjustment mechanism of refined oil. In the new refined oil price adjustment mechanism implemented in China after 20 16, there are several restrictions that will affect the synchronization of oil price adjustment, namely:
1. The domestic refined oil price adjustment mechanism stipulates that the price adjustment period is 10 working days, and the price adjustment window is opened every tenth working day. The reference standard is the average price since 10 working days, not the time price. Therefore, we will see that the crude oil in the early stage fell below the floor price, but the domestic oil price has not yet reached the price adjustment window and has not been adjusted synchronously.
2. The new price adjustment mechanism sets the upper and lower limits of crude oil price, with the upper limit of 130 USD/barrel and the lower limit of 40 USD/barrel. When the fluctuation of crude oil price exceeds the upper and lower limits, according to the price adjustment mechanism, the price adjustment window will not be adjusted when it is opened, that is, it will run aground.
3. There are also special supervision clauses in the Measures for the Administration of Oil Prices. When the international oil price fluctuates abnormally, the price adjustment can be suspended, postponed or reduced. Therefore, as the international crude oil price plummeted a few days ago, if it continues, the domestic refined oil price is likely to be manually controlled and cannot be completely synchronized.
To sum up, the current domestic oil price adjustment mechanism is not completely market-oriented, but a dual-track system of marketization and regulation. Basic synchronous adjustment can be realized, but it is basically impossible to adjust with the same frequency and amplitude. After all, the interests of domestic oil companies must be considered.