IEA worried about changes in China's crude oil import policy

Whether or not China's crude oil import subsidies can continue in the third quarter has already attracted the attention of the International Energy Agency (IEA), which yesterday said that if the Chinese government stops the tax rebate policy on imported crude oil after raising the retail price of refined oil products, it may trigger a new round. The fuel shortage. The reason is that after the subsidy is cancelled, refiners may again seek measures such as minimizing losses, such as the shutdown of oil refineries, which will further lead to oil shortages.

Prior to this, the Ministry of Finance had approved the VAT rebate policy for the second quarter of China Petroleum and Sinopec's two major oil groups' import of refined oil products. It also stated that it provided a corresponding subsidy for the import of crude oil and later confirmed that the subsidy was the value-added tax rebate policy for crude oil imports.

At present, there have been rumors in the market that the Ministry of Finance will cancel the VAT refund policy for crude oil imports after the second quarter, that is, the policy of returning VAT on crude oil imports by 75%. The reporter learned from the authorities of China National Petroleum Corporation and Sinopec Group yesterday that it has not received any notification of cancellation or adjustment of this policy.

According to relevant calculations, Sinopec will receive roughly 60 billion yuan of crude oil rebate subsidies from the beginning of April to the end of the year. “The crude oil subsidy is very important to us, because after the price hike, there is still a big gap in refining losses,” an authoritative person at Sinopec stated. The company is currently preparing materials to actively communicate with the government. “If the listed companies do not publish on this issue, The announcement indicates that the policy has not changed."

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