Commodities
China Boosts Fuel Prices Amid Global Crude Oil Price Surge
China has announced that it will raise retail prices for gasoline and diesel starting from Saturday. According to China's National Development and Reform Commission (NDRC), this price increase is in line with the latest changes in international crude oil prices.
The price hike will see a rise of 685 yuan ($100.89) per metric ton for retail gasoline, while diesel prices will go up by 655 yuan per metric ton.
The decision to raise fuel prices has been attributed to rising global crude oil prices amid escalating geopolitical tensions in the Middle East. Analysts point out that the US-Iran conflict has had a significant impact on energy markets, leading to the increase in oil prices.