The moving average of the basket of crude oil prices, to which China's product oil prices are pegged, dropped 6.04 percent as of Jan. 12 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 |
Jan. 8 |
Jan. 11 |
Jan. 12 |
|
Change rate |
-3.52 percent |
-4.82 percent |
-6.04 percent |
Jan. 13 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.
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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