China Caps Fuel Price Hike at 395 Yuan per Tonne Amid Global Oil Volatility
China's NDRC raised gasoline and diesel prices by 395 yuan and 385 yuan per tonne on September 24, far below the calculated 830 and 800 yuan increases, to cushion domestic impact from volatile international crude oil prices driven by Middle East tensions. The move adds 15.5 yuan to fill a 50-liter tank. An analyst noted potential downward adjustment at the next window on October 15.
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China Tempers Fuel Price Hike Amid Global Oil Volatility, Analyst Sees Possible Future Cut
China's National Development and Reform Commission (NDRC) announced on September 24 that domestic gasoline and diesel prices will be raised by 395 yuan and 385 yuan per tonne, respectively, significantly lower than the calculated increase of 830 yuan and 800 yuan due to temporary price controls. The adjustment, effective from 24:00 on September 24, follows a period of volatile international crude oil prices driven by Middle East tensions, including the Strait of Hormuz situation and a pipeline disruption in Saudi Arabia. For consumers, the price hike means an additional 15.5 yuan to fill a 50-liter tank of 92-octane gasoline. Analyst Wang Xueqin from卓创资讯 (SCI99) noted that while oil prices hit four-month highs, subsequent declines and potential diplomatic resolutions, including talks involving Iran, could lead to a downward adjustment at the next window on October 15. The NDRC pledged to ensure supply and enforce pricing regulations.
Read sourceChina Adjusts Refined Oil Prices, Capping Increases to Mitigate Global Oil Impact
China's National Development and Reform Commission (NDRC) announced a controlled adjustment to domestic refined oil prices, effective from 24:00 on September 24. According to the existing pricing mechanism, gasoline and diesel prices should have risen by 830 yuan and 800 yuan per ton, respectively, due to volatile international crude oil prices driven by complex geopolitical situations in the Middle East. However, the government implemented a smaller increase of 395 yuan per ton for gasoline and 385 yuan per ton for diesel to cushion the domestic impact of rising global oil prices. The NDRC stated it will guide production and sales enterprises to ensure stable supply and will intensify market supervision to enforce pricing policies and protect consumer interests.
Read sourceChina Adjusts Fuel Prices Upward to Mitigate Global Oil Price Impact
China's National Development and Reform Commission (NDRC) announced a controlled increase in domestic refined oil product prices, effective from 24:00 on September 24. According to the current pricing mechanism, gasoline and diesel (standard product) prices should have risen by 830 yuan and 800 yuan per tonne respectively, but after government intervention, the actual increases were limited to 395 yuan and 385 yuan per tonne. The move follows volatile international crude oil prices since the last adjustment on September 11, driven by complex and changing geopolitical tensions in the Middle East, which caused a rapid rise and subsequent fall, followed by another surge. The NDRC stated the measure aims to mitigate the impact of rising international oil prices on the domestic market. It will guide refined oil production and sales enterprises to ensure stable supply and coordinate with relevant departments to intensify market supervision, cracking down on violations of national pricing policies to protect consumer interests and maintain market order.
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China Adjusts Fuel Prices Upward to Mitigate Global Oil Price Impact
China's National Development and Reform Commission (NDRC) announced a controlled adjustment to domestic refined oil prices, effective from 24:00 on September 24. According to the current pricing mechanism, gasoline and diesel (standard product) prices should have increased by 830 yuan and 800 yuan per tonne respectively. However, after government intervention, the actual increases were limited to 395 yuan per tonne for gasoline and 385 yuan per tonne for diesel. The move aims to cushion the domestic impact of volatile international crude oil prices, which have surged and then retreated amid complex geopolitical tensions in the Middle East, before rising again recently. The NDRC stated it will guide production and sales enterprises to ensure stable supply and coordinate with authorities to enforce price regulations and prevent violations, thereby protecting consumer interests and maintaining market order.
Read sourceChina Adjusts Fuel Prices Upward to Mitigate Global Oil Price Impact
China's National Development and Reform Commission (NDRC) announced a controlled adjustment to domestic refined oil prices, effective from 24:00 on September 24. According to the current pricing mechanism, gasoline and diesel (standard product) prices should have increased by 830 yuan and 800 yuan per ton respectively. However, after government intervention, the actual increases were limited to 395 yuan per ton for gasoline and 385 yuan per ton for diesel. The move aims to cushion the domestic impact of volatile international crude oil prices, which have surged and then retreated amid complex geopolitical tensions in the Middle East since the last adjustment on September 11. The NDRC stated it will guide production and sales enterprises to ensure stable supply and coordinate with authorities to enforce price regulations and prevent violations, thereby protecting consumer interests and maintaining market order.
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