The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 12.20 percent as of December 23 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 21 |
December 22 |
December 23 |
|
Change rate |
-11.20 percent |
-11.90 percent |
-12.20 percent |
December 24 is the seventh 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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