The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 12.4 percent as of December 25 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 23 |
December 24 |
December 25 |
|
Change rate |
-12.2 percent |
-12.4 percent |
-12.4 percent |
December 28 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.
Still, Chinese price regulator the National Development and Reform Commission has decided to suspend adjustment of national benchmark product oil prices due to plunge of international oil prices.
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