Refined oil consumption gradually rebounds, and national policies promote the healthy and orderly development of the industry

Refined oil refers to gasoline, kerosene, diesel and other alternative fuels such as ethanol gasoline and biodiesel that meet national product quality standards and have the same purpose. Refined oil is mainly produced through the production and processing of crude oil and can be divided into six categories: paraffin, lubricants, petroleum coke, oil fuel, petroleum asphalt, petroleum solvents and chemical raw materials.

According to the “Refined Oil Market Development Prospects Analysis and Supply and Demand Pattern Research and Forecast Report 2023-2027” released by the Industrial Research Center, in 2020 Affected by the epidemic prevention and control policies in 2017, the domestic macro-economy has been under pressure, national consumption willingness and travel willingness have decreased, the frequency of automobile travel has declined, the operating rate of industry and manufacturing has declined, and the demand for refined oil products has shrunk. In 2022, my country’s refined oil consumption will be approximately 289 million tons, a year-on-year decrease of approximately 7%. As the epidemic prevention and control policies gradually open up, the national economy gradually recovers, the tourism economy develops rapidly, the operating rate of enterprises rebounds, and the consumption of refined oil products gradually rebounds. In 2022, my country’s refined oil consumption will exceed 330 million tons, a year-on-year increase of approximately 5%.

In recent years, the state and governments at all levels have introduced a number of policies to promote the healthy and orderly development of the refined oil industry. In February 2022, the Beijing Municipal People’s Government issued the “Beijing Energy Development Plan for the “14th Five-Year Plan” Period, proposing to adjust the layout of oil facilities, establish and improve a refined oil reserve guarantee system, and ensure the safe, stable and reliable supply of refined oil in the Beijing area. . In June 2023, the Ministry of Commerce issued the “Measures for the Administration of the Circulation of Refined Oils (Draft for Comments)” to solicit opinions from the public, and made regulations on the wholesale, warehousing and retail business of refined oils, administrative filing and access licensing, and enterprise operation regulations. Make regulations.

Due to the strong qualification barriers in the industry, state-owned enterprises still dominate the domestic refined oil market. However, as the retail market gradually opens up and the number of private enterprises continues to grow, competition in the refined oil market has become increasingly fierce. At this stage, my country’s refined oil production companies mainly include China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation.

As my country’s urbanization process continues to advance, national living standards continue to improve, car ownership continues to grow, superimposed social infrastructure construction continues to improve, air transportation gradually recovers, and the scale of industrial production continues to expand, the demand for refined oil products will continue to grow, and the industry The development prospects are good.

Industry analysts said that in the context of the country’s increasing emphasis on environmental protection and the continuous advancement of energy conservation and emission reduction policies, domestic finished products Oil production companies need to strengthen technological innovation, improve production processes, reduce pollution emissions, improve resource utilization, accelerate industrial transformation and upgrading, and develop in a green and sustainable direction. In addition, in the face of increasingly fierce market competition, domestic refined oil production companies need to strengthen market research and analysis, improve service quality and service levels, and expand their competitive advantages.