The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 11.90 percent as of December 22 from the latest cycle of fuel price 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 18 |
December 21 |
December 22 |
|
Change rate |
-10.40 percent |
-11.20 percent |
-11.90 percent |
December 23 is the sixth 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 will be counted into the following cycle of price adjustment.
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