China caps gasoline and diesel price hikes to cushion global oil volatility impact
China's National Development and Reform Commission (NDRC) announced on September 24 that domestic gasoline and diesel prices would rise by 395 yuan and 385 yuan per ton, respectively, effective from 24:00 that day. The increases were significantly lower than the calculated adjustments of 830 yuan and 800 yuan per ton under the existing pricing mechanism. The NDRC cited complex and volatile geopolitical conditions in the Middle East driving international crude oil price fluctuations. State-owned oil companies were ordered to ensure stable supply and comply with pricing policies.
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China Adjusts Fuel Prices to Mitigate Impact of Rising International Oil Costs
China's National Development and Reform Commission (NDRC) announced on September 24 that it will continue to regulate domestic refined oil product prices to cushion the impact of rising international oil prices. According to the current pricing mechanism, gasoline and diesel (standard product) prices should have increased by 830 yuan and 800 yuan per ton respectively from 24:00 on September 24, but after regulatory intervention, the actual increases were limited to 395 yuan and 385 yuan per ton. The NDRC attributed the price pressure to complex and volatile geopolitical situations in the Middle East, which caused international crude oil prices to surge, then fall, and recently rise again. The NDRC ordered state-owned oil companies (CNPC, Sinopec, CNOOC) to ensure stable supply and strictly implement pricing policies. Local authorities are instructed to intensify market supervision and punish violations. Consumers can report price violations via the 12315 platform. The NDRC's Price Monitoring Center assessed that geopolitical uncertainties remain high, and the impact of Middle East developments on international oil prices requires continued close monitoring.
Read sourceChina Adjusts Fuel 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 current pricing mechanism, gasoline and diesel prices (standard product) should have increased by 830 yuan and 800 yuan per ton, respectively. However, the government implemented a smaller increase of 395 yuan per ton for gasoline and 385 yuan per ton for diesel. The NDRC stated this measure is intended to mitigate the impact of rising international oil prices on the domestic economy, citing complex and volatile geopolitical situations in the Middle East that have caused crude oil prices to surge, fall, and then rise again since the last adjustment on September 11. The NDRC will guide production and sales enterprises to ensure stable supply and will cooperate with relevant departments to enforce price policies and penalize violations, aiming to maintain market order and protect consumer interests.
Read sourceChina adjusts refined oil prices upward; next round likely to see a cut, analysts say
China's National Development and Reform Commission announced an upward adjustment in domestic refined oil product prices effective 24:00 on September 24, 2024. Gasoline and diesel prices per ton will rise by 395 yuan and 385 yuan respectively, lower than the calculated increases of 830 yuan and 800 yuan due to state调控 measures. This translates to a per-liter increase of 0.31 yuan for 92-octane gasoline, 0.33 yuan for 95-octane gasoline, and 0.33 yuan for diesel. Analysts from JLC Network Technology and Zhicheng Consulting attributed the move to locked-in crude price gains from earlier in the adjustment cycle, despite recent international crude price declines driven by easing Middle East tensions and supply recovery expectations. They forecast that international crude will remain volatile between $80-$110 per barrel in September-October due to unresolved U.S.-Iran differences and Strait of Hormuz disruptions. The adjustment raises the 2024 price change tally to 14 increases, 5 decreases, and 1 unchanged. For consumers, filling a 50-liter tank costs an extra 15.5 yuan. Looking ahead, analysts expect the next adjustment window on October 15 to likely see a price cut, as recent international crude declines will be factored into the next cycle.
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China to Raise Fuel Prices Moderately on September 24 Amid Global Oil Volatility
According to the National Development and Reform Commission (NDRC), since the last domestic refined oil price adjustment on September 11, the geopolitical situation in the Middle East has been complex and volatile, causing international crude oil prices to rise rapidly, then fall, and recently surge again. To mitigate the impact of rising international oil prices on the domestic market, China continues to implement regulatory measures on refined oil prices. Based on the current pricing mechanism, from 24:00 on September 24, domestic gasoline and diesel (standard product) prices should have increased by 830 yuan and 800 yuan per ton respectively, but after regulatory intervention, the actual increases are 395 yuan and 385 yuan per ton. The NDRC instructed PetroChina, Sinopec, CNOOC, and other oil processing enterprises to organize production and transportation to ensure stable market supply and strictly implement national pricing policies. Local authorities are urged to strengthen market supervision and severely punish violations of pricing policies. Consumers can report illegal pricing activities via the 12315 platform.
Read sourceChina's NDRC to Raise Gasoline and Diesel Prices by 395 and 385 Yuan per Ton
China's National Development and Reform Commission (NDRC) announced on September 24, 2026, that it will raise domestic gasoline and diesel (standard product) prices by 395 yuan and 385 yuan per ton, respectively, effective from 24:00 on the same day. According to the current pricing mechanism, the calculated adjustment would have been an increase of 830 yuan per ton for gasoline and 800 yuan per ton for diesel. However, after regulatory intervention, the actual increases were set at 395 yuan and 385 yuan per ton. The announcement was made via the official state media outlet cfi_industry (中财网-行业新闻). This price adjustment reflects the government's managed approach to fuel pricing, balancing international crude oil price fluctuations with domestic economic conditions.
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