The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 7.12 percent as of December 11 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 |
December 9 |
December 10 |
December 11 |
|
Change rate |
-6.24 percent |
-6.97 percent |
-7.12 percent |
December 14 is the ninth 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 are expected to come down by around 160 yuan per tonne effectively Wednesday.
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