The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 0.98 percent as of July 1 from the latest cycle of fuel prices adjustment, according to Xinhua's calculations.
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Table 1: Change of moving average of crude oil price basket |
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Date |
June 29 |
June 30 |
July 1 |
|
Change rate |
-0.68 percent |
-0.73 percent |
-0.98 percent |
July 2 is the seventh working day in current 10-working day cycle.
Under current mechanism, benchmark prices of gasoline and diesel will be adjusted every 10 working days except when the adjustment is less than 50 yuan/tonne. The unrealized change would be counted into the following cycle of price adjustment.
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