The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, declined 0.91 percent as of May 11 from the latest cycle of fuel prices adjustment, according to Xinhua's calculations.
|
Change of moving average of crude oil price basket |
|
|
Date |
May 11 |
|
Change rate |
-0.91 percent |
May 12 is the first 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 hiked national benchmark prices of gasoline and diesel by 255 yuan per tonne and 245 yuan per tonne, respectively, starting from Tuesday.
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