Analysts believe China may cut the price of refined oil on Friday in response to a drop in global crude oil prices.

The moving average of a basket of crude oil prices, to which China's refined oil prices are pegged, dropped 3.23 percent as of September 26 due to the latest fuel price adjustment, according to Xinhua's latest oil industry report.

The downward adjustment of the refined oil price may surpass 200 yuan ($32) per ton, according to the report.

"We expect the downward adjustment of refined oil prices to be between 190 yuan and 210 yuan per ton, which will be the second-biggest drop since China introduced its new oil price mechanism," said Zhang Bin, an industry analyst.

The National Development and Reform Commission (NDRC) introduced a new oil price mechanism in March to promote market-oriented pricing for energy resources and help the country better use overseas resources to ensure domestic oil supply.

Under the current mechanism, benchmark prices of gasoline and diesel will be adjusted every 10 working days except when the change is less than 50 yuan per ton. Forecasts showed that the retail price of diesel and gasoline fuels will also drop following the adjustment of refined oil prices.