According to data from the SunSirs, the average domestic fuel oil price of 180CST as of May 17 was 4,650 RMB/ton (including tax), up 2.48% from 4537.50 RMB/ton on May 10.
On May 17, the fuel oil commodity index was 94.18, 2.28 points higher than yesterday, 18.75% lower than the highest point of 115.91 (2018-10-17) in the cycle, and 104.38% higher than the lowest point of 46.08 on August 15, 2016. (Note: Period refers to 2011-09-01 to present)
Recently, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation jointly announced Levying import consumption tax on some refined oil products (hereinafter referred to as the announcement):
For imported products classified under tariff code 27075000, and less than 95% by volume of aromatic hydrocarbons distilled below 200℃, the consumption tax on import is levied at 1.52 RMB/liter unit tax on naphtha.For the imported products classified into the tariff codes 27079990 and 27101299, the consumption tax of import link shall be levied at the unit tax of 1.52 RMB/liter as naphtha.For imported products which are classified into tariff code 27150000 and distilled at 440℃or below, the volume of mineral oil is more than 5%, the consumption tax of import link shall be levied at 1.2 RMB/liter unit tax of fuel oil.According to the tax code mainly mentioned in the notice, the corresponding products are represented by mixed aromatics, light cycle oil, and cut back asphalt. The policy interpretation issued by the tariff Department of the Ministry of Finance points out that light cycle oil, mixed aromatics, and cut back asphalt usually contain more aromatics or asphalt components, and are generally not used as fuel oil; However, in recent years, a small number of enterprises import a large number of such products, process and produce fuel that does not meet the national standards, flow to the illegal business channels, endanger the fairness of the refined oil market, and cause greater social security risks and environmental pollution. To solve the above problems, the three departments announced that the relevant products will be included in the scope of consumption tax collection, which is conducive to standardizing the market order and promoting fair competition.
After the news was implemented, the domestic market cost of refined oil products rose, and manufacturers raised the factory price one after another, with the increase ranging from 100 RMB to 250 RMB/ton in various places. According to the understanding of the business community, as of May 17, the Zhoushan area of fuel oil 180CST self-lifting low sulfur quotation of 4700 RMB/ton, 120CST self-lifting low sulfur fuel oil quotation of 4800 RMB/ton; CGC Shanghai fuel oil 180CST self-lifting low sulfur price 4500 RMB/ton, 120CST self-lifting low sulfur fuel oil price 4600 RMB/ton.
Oil prices rose after falling, boosted by the resumption of key U.S. fuel pipelines, but still suffering from excessive gasoline shortages in some parts of the United States.
Singapore fuel stocks reduced, fuel oil prices to support the limit. Singapore's fuel oil stocks fell 852,000 barrels to 26.376 million barrels in the week ended May 11, according to ESG. Singapore's stocks of light distillate rose 481,000 barrels to 12.38 million barrels. Singapore distillate stocks rose 489,000 barrels to 13.946 million barrels.
Future forecast: SunSirs energy analysts believe that affected by the policy, the domestic fuel oil 180CST market price may be on the rise shortly, but the downstream demand is low, the terminal purchase on-demand is the main, the transaction is weak, and the rising resistance is large.
