The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 7.68 percent as of November 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 |
November 17 |
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Change rate |
-7.68 percent |
November 18 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.
Th National Development and Reform Commission Tuesday announced cut of benchmark product oil prices effectively Wednesday.
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