China Boosts Fuel Prices Amid Middle Eastern Geopolitical Tensions

China is set to raise retail gasoline and diesel prices from August 1 due to higher international crude oil costs. This decision comes after escalating geopolitical tensions in the Middle East led to a surge in global oil prices.

The National Development and Reform Commission (NDRC) announced that gasoline prices will increase by 685 yuan per tonne, while diesel prices will rise by 655 yuan per tonne. Liu Bingjuan, an oil industry analyst, attributed this price hike to higher global crude prices amid growing instability in the Middle East.

The NDRC has called on major oil producers and refiners to ensure stable fuel supplies and comply with China's pricing policies. The commission also warned that geopolitical uncertainty remains high, particularly regarding US-Iran relations, which could impact global crude oil prices.