The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, grew 7.02 percent as of May 8 from the latest cycle of fuel prices adjustment, according to Xinhua's calculations.
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Change of moving average of crude oil price basket |
|||
|
Date |
May 6 |
May 7 |
May 8 |
|
Change rate |
7.08 percent |
6.93 percent |
7.02 percent |
May 11 is the tenth 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.
The government is expected to hike national benchmark product oil prices by around 270 yuan per tonne starting from Tuesday.
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