U.S. crude prices tumbled nearly 3 percent last Friday after the U.S. government took measures to deal with a fuel shortage caused by Hurricane Sandy.
The domestic oil market has also suffered from weak demand this year.
State-run oil giants Sinopec and PetroChina completed only 40 to 60 percent of their annual sales targets by the end of the third quarter, according to data from SCI, a leading commodities observer.
The expected adjustment may help bring down the consumer price index (CPI), a major gauge of inflation, by 0.007 percent, creating room to boost consumption and sales for domestic refiners.
China introduced its flexible oil pricing system in 2009 to better reflect fluctuations on international markets.
The last downward adjustment happened in July. The NDRC subsequently raised wholesale oil prices twice in August and September, respectively.
Landmark building should respect the public's feeling
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