China Limits Fuel Price Hikes Amid Rising Oil Costs

In response to the surge in global oil prices, primarily driven by the ongoing conflict in the Middle East, China’s National Development and Reform Commission (NDRC) has implemented temporary regulatory measures to limit fuel price hikes. The maximum retail price for gasoline will rise to 1,160 yuan per metric ton, while diesel will increase to 1,115 yuan per metric ton, effective from midnight.

This adjustment represents an increase of approximately half of the government's price mechanism, with gasoline and diesel prices rising to 2,205 yuan and 2,120 yuan per metric ton, respectively. The NDRC routinely reviews fuel prices based on global crude price factors, with the last hike occurring in March when prices were raised by 695 yuan and 670 yuan per metric ton for gasoline and diesel, respectively.

This measure aims to mitigate the impact of abnormal increases in international oil prices and ensure stable economic operations and public welfare.