The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 3.07 percent as of Oct. 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 |
October 16 |
October 19 |
October 20 |
|
Change rate |
2.23 percent |
1.95 percent |
-3.07 percent |
October 20 is the first 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.
National benchmark product oil prices Tuesday were cut by 50 yuan per tonne starting from October 21.
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