The last time oil prices soared in 2008, the rise prompted Beijing to change its oil pricing system to follow international prices more closely.
That reform resulted in what we have today: a loose guideline by which the government adjusts pump prices every couple of weeks to keep them in line with international prices.
Here is how it works in theory: if a basket of crude prices rises by more than 4 per cent in a 22-working day period (roughly a month), then the National Development and Reform Commission will consider adjusting pump prices.
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