Zhou Wangjun, deputy director of the Development and Reform Commission's Price Division, said on July 9 that July 11 is the time for a new round of price adjustments, when the price of oil will be lowered. This is the NDRC’s rare announcement that prices will be lowered two days in advance.
On the evening of July 10, the National Development and Reform Commission announced that it would cut the retail price of domestic gasoline and diesel in the early morning of July 11th, with gasoline falling by 420 yuan/ton and diesel falling by 400 yuan/ton, equivalent to rising gasoline price by 0.32 yuan/liter. 0.34 yuan/liter. This time, the first product oil price since the reform of the refined oil pricing mechanism was “three consecutive fallsâ€.
After the price adjustment, the national average of No. 90 gasoline was 6.45 yuan, and the average diesel price was 6.46 yuan. The price of oil returned to the 6 yuan era.
The oil price ushered in a “three consecutive fallsâ€, which can reduce the production costs of many downstream oil-consuming industries and reduce circulation costs. Good for transportation, chemical and chemical fiber industries, and agriculture and automobile sales can also benefit indirectly. On the other hand, listed companies with high reliance on oil prices in the upper reaches will have adverse effects, such as oil and petrochemical industries, China Petroleum and Sinopec.
With the drop of oil prices, the cost of the chemical sector will also be reduced. The cost of a group of advantageous leading companies in the sub-sectors including integrated petrochemicals, plastics, organic chemicals, rubber, and chemical fiber, including oil refining, will decline.
According to the data, chemical fiber uses synthetic fiber monomers (polymers) as raw materials, raw material prices are very sensitive to crude oil prices, plastic products industry uses basic petrochemical products such as polyethylene and polypropylene as raw materials, and raw material costs account for the proportion of production costs. Very large, crude oil price changes have a greater impact. Therefore, the chemical fiber industry will obviously benefit from the downward adjustment of oil prices.
At the same time, as the feedstock for fertilizers used in agricultural production is mainly coal, heavy oil, and natural gas, the reduction in the price of crude oil will also reduce the cost of chemical fertilizers and reduce the price of fertilizer products, thereby reducing the cost of agricultural production.
The price cuts for refined oil are bad news for the oil and petrochemical industries , especially those with more self-owned resources. This time, the magnitude of the reduction is quite large and it is likely to deepen the refining losses of the two barrels of oil.
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