24.03.2026 00:31
As tensions rise in the Middle East, international oil prices have increased, while China has adjusted gasoline and diesel prices, implementing a retail price increase below international prices. This marks the first extraordinary intervention in fuel prices since the price regime was implemented in the country in 2013.
China has adjusted the retail prices of gasoline and diesel due to the sudden increase in international oil prices caused by the attacks from the USA and Israel and Iran's retaliations, which have escalated tensions in the Middle East.
HUGE INCREASE IN FUEL PRICES
In a statement from the country's main economic planning body, the National Development and Reform Commission (NDRC), it was announced that starting from tonight, the price of gasoline will increase by 1160 yuan (168.5 dollars) per ton and the price of diesel will increase by 1115 yuan (162 dollars) per ton.
The statement noted that the necessary increase of 2205 yuan (320.4 dollars) per ton for gasoline and 2120 yuan (308.1 dollars) per ton for diesel, based on normal international prices, has been reflected in the market at a lower rate due to price controls.
DIRECT INTERVENTION IN TWO CASES
According to the oil price regime implemented in China, the regulatory body NDRC adjusts the retail oil prices in the domestic market every 10 business days based on international prices. If the price of oil exceeds 130 dollars per barrel or falls below 40 dollars, direct intervention is made regardless of the duration.
FIRST EXTRAORDINARY INTERVENTION IN FUEL PRICE REGIME
This was the first extraordinary intervention in prices since the fuel price regime was implemented in the country in 2013. After the conflict in the Middle East began, the NDRC had made its first regular price adjustment on March 9, increasing gasoline by 695 yuan (100.8 dollars) per ton and diesel by 670 yuan (97 dollars).