The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 7.96 percent as of Aug. 17 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 |
August 13 |
August 14 |
August 17 |
|
Change rate |
-7.67 percent |
-7.81 percent |
-7.96 percent |
August 18 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.
It's estimated that national benchmark product oil prices would be slashed by around 210 yuan per tonne effective Wednesday.
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