The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 5.91 percent as of Aug. 31 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 27 |
August 28 |
September 1 |
|
Change rate |
-8.13 percent |
-7.06 percent |
-5.91 percent |
September 1 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 predicted to cut national benchmark product oil prices by around 120 yuan per tonne effective September 2.
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