China´s new pricing mechanism for oil products, based on movements in international crude prices every 20 days, was used to calculate this week´s fuel price hikes, Peng Sen, deputy head of the National Development and Reform Commission said Thursday.

The commission is the country´s top economic planner.

Under the pricing mechanism, China considers changing benchmark retail prices of oil products when the international crude price rises or falls by a daily average of 4 percent over 20 days, Peng said.

The mechanism means domestic prices reflect changes in the market more quickly and accurately, he said.