Background
On December I8, 2008, a new petro-leum products pricing mechanism wascarried out in China. According to theProcedure for the Administration of OilPrice (Trial) issued last month by NationalDevelopment and Reform Commission, ifthe moving average price for crude oil ininternational market changes more than4% in 22 consecutive working days, theprices for gasoline and diesel in domes-tic market can be adjusted accordingly.So, the curtain for petroleum productprice adjustment in domestic market wasopened by the end of April.