China May Lower Oil Prices Early November

China, the world's second-biggest oil consumer, may cut its gasoline and diesel prices in early November, as international crude oil prices are expected to decrease.

According to the country's oil product pricing mechanism set since 2009, China will change the prices of refined oil products when the international weighted average price of crude changes by more than four percent for 22 straight working days. Brent, Dubai and Cinta are references for the government.

As of October 23, the basket of Brent, Dubai and Cinta already went down by an average of 2.42 percent and the downturn remains, according to the latest released by the oil price system of Xinhua News Agency.

On October 24 the retail prices of gasoline and diesel both decreased 6 yuan per ton day-on-day, with international crude oil prices falling down.

If the retail fuel prices successfully decrease, the domestic market may rebound, analysts said.

The world's second-largest economy last adjusted retail fuel priceson September 11, , when the government raises retail fuel prices for the second time in about a month after global crude costs climbed.