The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 7.12 percent as of July 20 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 16 |
July 17 |
July 20 |
|
Change rate |
-6.97 percent |
-7.05 percent |
-7.12 percent |
July 21 is the tenth 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.
The government is expected to cut national benchmark product oil price by around 260 yuan per tonne effective Wednesday.
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