Sinopec Corp. (600028.SH, 00386.HK) recently released its 2010 annual report. Among them, the company's operating income reached 1.9 trillion yuan, a year-on-year increase of 42%, net profit attributable to shareholders of the parent company was 70.7 billion yuan, up 12.8% year-on-year. The company's operating income and net profit hit a record high.

After analyzing the oil prices in parts of China and the United States and various countries yesterday, the reporter found that the price of gasoline in China has already exceeded that of the United States. However, it is still lower than Germany, Japan and other countries. In general, China's oil prices are at a moderate level in the world.

China's oil prices are slightly higher than the United States

Mr. Hu, who has lived in the United States for many years, told the newspaper that in the United States, gasoline is divided into ordinary, mid-range, and high-grade categories. Due to the better quality of US gasoline and the recent rapid rise in oil prices, many Americans choose to add regular gasoline.

The data of AOL yesterday showed that the price of gasoline in Bakersfield, California, Lihue, Hawaii, and Cantwell, Alaska, ranged from $4.54 to $4.79/gallon (about 7.9 yuan/liter~8.3 yuan/gallon). Rise). The above three regions are the most expensive areas for gasoline in the United States.

Compared with the prices of the above three high-grade gasolines, which are as high as 8.3 yuan/liter, the current Shanghai 98 petrol price is 8.44 yuan/liter, which is slightly higher than that of the United States.

AOL’s data also showed that at the gas stations in Roanoke, Virginia, EL Dorado, Kansas, and Castle Rock, Colorado, gas stations reported low prices of US$3.05/gal to US$3.13/gal (about 5.3 yuan/liter). ~5.4 yuan/liter). At present, the gasoline price of No. 90 in Chongqing, Chengdu, Hunan, and Jiangsu is between 6.65 yuan/liter~6.8 yuan/liter.

Data from the EIA website also showed that as of March 21, 2011, the prices of gasoline in major cities such as New York, Boston, Chicago, and Los Angeles were maintained at US$3.48/gal to US$3.98/gallon (approx. 6.03 yuan/liter~6.89 yuan). /Rise). However, the current price of 93rd gasoline in major cities such as Shanghai and Beijing is 7 yuan/liter to 7.45 yuan/liter, which is generally higher than that of the United States.

However, in the report released on March 28, CICC pointed out that although China’s oil price is slightly higher than that of the United States and Canada, it is lower than those of South Korea, France, Germany, Japan, etc., among which Germany and France are more than twice as expensive as China’s. . For example, in Norway, where oil was abundant, last week the price of gasoline reached US$9.3 per gallon.

Why do the differences in oil prices differ significantly?

Guo Bo Securities researcher Liu Bo pointed out that due to the continued weakening of the U.S. dollar exchange rate, the price of U.S. gasoline is becoming lower and lower than that of China. Assuming the US$3.6/liter median price of the “general oil price” in the United States as an example, it would be 7.6 yuan/liter after 2006, but it is now only 6.23 yuan/liter.

In addition, China's refined oil pricing mechanism was launched in 2009, which also gradually restored China's gasoline and diesel prices to the market. Once crude oil prices continue to climb, the China Development and Reform Commission will also raise oil prices in due course.

“And China's oil prices are lower than those in Europe and some Asian countries, and are related to the latter’s environmental protection policies and taxation rates.” Ding Dingkun, a researcher at China Investment Research, pointed out that in Germany, France, South Korea and Japan, gasoline retail prices It is now about 300 to 360 US dollars / barrel, of which 40% to 60% include tax.

In Norway, if the price of gasoline is 10 kroons/liter, of which 5 kroons are for consumers to pay gasoline tax and carbon dioxide emissions tax, and 2.5 kroner is non-food, high taxes make its oil prices have been maintained at international highs.

However, about 30% of China's gasoline prices are taxes (including consumption tax, urban construction tax and education surcharges, etc.), 6% to 8% are gross profit for refining and sales, and the remaining cost is crude oil cost.

The reporter also found from the CICC report that the bare oil price (excluding tax price) in China and the United States is basically the same, but due to the different proportion of taxation, the total price of the United States is slightly lower than China. The United States refined oil prices include state, county and federal fuel taxes, etc. In Washington, New York and other places, taxes account for 9% to 18% of total oil prices.

The industry believes that China's refined oil pricing mechanism still needs to be further improved, and the monopoly pattern of PetroChina and Sinopec formed in the refined oil wholesale and retail market must also be broken.

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