The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 7.54 percent as of December 14 from the latest cycle of fuel price adjustment, according to Xinhua's calculations.
|
Table 1: Change of moving average of crude oil price basket |
|||
|
Date |
December 10 |
December 11 |
December 14 |
|
Change rate |
-6.97 percent |
-7.12 percent |
-7.54 percent |
December 15 is the tenth working day in the current 10-working-day cycle.
Under China's fuel pricing mechanism, benchmark prices of gasoline and diesel are 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 National Development and Reform Commission (NDRC), China's top economic planner, is likely to cut benchmark fuel prices by around 170 yuan/tonnes, effective on Wednesday.
Latest comments