The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 6.97 percent as of July 16 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 |
July 14 |
July 15 |
July 16 |
|
Change rate |
-6.46 percent |
-6.65 percent |
-6.97 percent |
July 17 is the eighth 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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