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在消费者被迫接受成品油价格风险、石油零售商零售业竞争日益激烈和我国成品油定价机制矛盾日益突出的背景下,本文提出石油零售商可发行期权加油卡来实现下面三个目标:(1)为消费者提供成品油价格风险管理的工具;(2)为石油零售商提供一种新的锁定客户的营销手段;(3)推进成品油的市场化改革。本文首先设计期权加油卡,然后采用蒙特卡罗模拟方法对加油卡定价,接着分析石油零售商发行加油卡的风险的套期保值损益,最后讨论期权加油卡的相关实际操作问题。
Under the background that consumers are forced to accept the risk of oil price, the retail retailing competition becomes more and more serious, and the contradiction between the pricing mechanism of China’s refined oil products is becoming increasingly prominent, this paper proposes that oil retailers can issue option fuel cards to achieve the following three objectives: 1) provide consumers with a tool to manage the price risk of refined oil products; 2) provide a new retailer a marketing tool to lock customers; and 3) promote the market-based reform of refined oil products. In this paper, we first design the option card and then use the Monte Carlo simulation method to price the card. Then we analyze the risks of hedging losses of the petroleum retailers issuing the card. Finally, we discuss the practical operation of the option card.