The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, grew 5.38 percent as of November 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 |
November 3 |
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Change rate |
5.38 percent |
November 4 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.
The government just cut national benchmark product oil prices by 125 yuan per tonne on November 3.
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