US EditionChina limits fuel price hike to cushion impact of rising oil prices
China limited fuel price increases to about half the usual amount to ease the burden on consumers amid record-high international oil prices linked to the Middle East conflict.
- On March 23, China’s National Development and Reform Commission raised fuel price ceilings by 1,160 yuan and 1,115 yuan per metric ton, effective Monday midnight.
- On Monday, global oil prices surged as Brent crude futures and WTI rose, linked to the U.S.-Israeli war with Iran centered on the Strait of Hormuz.
- The NDRC's mechanism shows that under the pricing mechanism gasoline and diesel would have risen by 2,205 yuan and 2,120 yuan per metric ton respectively, reflecting average processing costs, taxes, distribution expenses and profit margins.
- Authorities said the measures are temporary to cushion the impact, ease the burden on downstream users and support economic and social stability after the largest price-adjustment trigger in a decade.
- The move acts as an immediate policy intervention and the NDRC described it as a temporary regulatory measure to mitigate abnormal price increases and alter pass-through to domestic fuel prices, limiting the hike to about half.
31 Articles
31 Articles
China Faces Biggest Fuel Price Jump This Year
Beijing announced Monday that it will cap retail fuel price increases, with the measure taking effect at midnight, as oil prices surge amid the Iran war. Taiwan will soon receive its first batch of new U.S. fighter jets—specifically designed for the island—after years of delay. A warning from Capitol Hill: Lawmakers want stricter export rules for cutting-edge AI chips. This comes after three people were charged with smuggling high-end Nvidia chi…
The Chinese Government temporarily limited retail prices of gasoline and diesel in the domestic market in response to the escalation of international energy prices as a result of the conflict in Iran.The National Development and Reform Commission (CNDR) reported Monday that measures were taken to prevent citizens from facing the consequences of the energy crisis and thus mitigate the impact of price fluctuations, ensuring the stability of Chines…
China must act on the basis of sharply increased fuel prices, although the transport sector is to be transformed, but an industry could suffer particularly from the energy crisis.
Iran War Impact: Panic Buying Hits China As Fuel Prices React
Long queues formed at fuel stations across China after panic buying was triggered by a price hike alert from state oil giant Sinopec. According to CNBC, the company had warned of a “meaningful” increase in fuel prices effective March 24, prompting drivers to rush to fill their tanks. The report said prices were initially expected to rise sharply, driven by global oil volatility linked to the ongoing U.S.-Israeli war on Iran. Authorities later in…
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