On December 23, 2025, PetroChina Shanghai Sales Company (hereinafter referred to as "Shanghai Sales") collaborated with the Shanghai Petroleum and Natural Gas Exchange (hereinafter referred to as "the Exchange") to successfully launch its first online special auction for No. 0 automotive diesel (VI). The initiative aimed to enhance transaction efficiency, consolidate trading resources, and expand trading channels.
The auction offered 3,000 tons of diesel with a reserve price of 6,280 yuan per ton, with delivery scheduled at Haibin Oil Depot. Five clients successfully secured bids, resulting in the full transaction of all 3,000 tons. The bidding process exhibited a clear price gradient, with multi-tiered quotations gradually advancing, reflecting the market's dynamic price discovery mechanism.
**Efficiency and Transparency: Market-Driven Supply-Demand Matching** In response to the current downturn in the refined oil market and information asymmetry in supply-demand and pricing, Shanghai Sales proactively innovated by working with the Exchange to explore an online auction model. Since the announcement on December 17, the auction attracted over 30 registered participants.
The bidding officially commenced at 10:00 AM on December 23 via the Exchange’s electronic trading system. Over the course of 90 minutes, the auction strictly adhered to the principles of "price priority, time priority," ensuring full transparency, fairness, and impartiality. The integration of market mechanisms and digital technology significantly improved transaction efficiency and resource allocation precision.
**Win-Win Outcome: Digitalization Enhances Resource Circulation** This auction achieved a multi-stakeholder win-win scenario. As a pioneer in business model innovation, Shanghai Sales effectively supplemented and strengthened its traditional offline sales channels through digital transactions, aligning with PetroChina’s digital transformation strategy.
For buyers, the transparent online platform provided an efficient and stable procurement channel for diesel. The auction mechanism also empowered clients to participate in price formation, substantially improving purchasing efficiency.
The success of this No. 0 automotive diesel (VI) auction lays a solid foundation for a standardized, efficient, and transparent refined oil market, injecting digital momentum into the industry’s transformation. The market-driven pricing derived from the auction more accurately reflects supply-demand dynamics, offering a fair price benchmark for regional markets and supporting the development of a unified national refined oil market.
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