Research On Reform Path Of China's Refined Oil Pricing Marketization

The Third Plenary Session of the 18 th CPC Central Committee has raised a claim to "promote the pricing reform of oil and natural gas and liberalize the competitive prices controls." The supply of petroleum and refined oil product is related to the national economic lifeline,however,under the world's oil supply and demand pattern,it presents a serious challenge by the rapid growth in oil consumption,the increasing of dependence on foreign oil and the domestic situation of “oil prices upside down”.The researches of refined oil product marketization pricing mechanism reform under the new layout of oil supply and demand of the world have caused widespread concerns in the academic community.At first,based on the research of refined oil pricing mechanism and the current situation of oil market,this paper will sum up the process and characteristics of typical countries' refined oil pricing mechanism reform and problems of our oil market,then analyses the relationship between our refined oil prices and other factors,such as world oil prices,consumption,market structure,industry structure and so on by qualitative econometric analysis such as Johansen co-integration test,VAR,Granger Test of Causality and so on.Furthermore,we analyze the linkage relationship on the oil supply and demand chain's oil taxes and prices by the qualitative methods and mathematical model,such as hostelling-adjusted formula,multiple scenarios for policy analysis and Douglas production function and so on.Finally,we will build an efficient,reasonable refined oil pricing mechanism which consistent with the international economic environment and domestic resource constraints and with link of the oil market structure and industrial structure and some other factors by designing the oil pricing mechanism reform path to guide the transmission of crude oil price to refined oil market:Firstly,we should formulate the goals of oil prices policy under the international perspective and differentiate the different types of refined oil products' pricing mechanism.Furthermore,we should further opening and optimizing the refined oil market and accelerate the transformation of China's industrial structure gradually and promote the development and utilization of new energy to improve crude oil and refined oil products' use efficiency.Besides,we put forward pricing control policies of Oil prices and taxes linkage conduction: In phase of exploitation,we should refine resource taxes rate with different qualities and establish dynamic and optimizing taxes rate in diverse oils and grading.We also should explore tax incentives adjusted to price variation in import process.In transportation and reserve link,optimal transport rates for reducing inflation and economy obstacles and reserve ratio which is related to oil prices must be determined.Finally,the feasibility of carbon taxes required to be discussed in the phase of consumption,and it is necessary to probe appropriate tax policies to reply the oil price fluctuation.Finally,we also give some proposals,such as improving policy system of oil reserves and market supervision and so on.