The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 5.58 percent as of Aug. 3 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 29 |
July 30 |
August 3 |
|
Change rate |
-4.85 percent |
-4.98 percent |
-5.58 percent |
August 3 is the ninth 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.
It's estimated that national benchmark product oil prices would come down by over 180 yuan/tonne effective Wednesday.
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