China Hikes Fuel Prices Amid Escalating Middle East Tensions

China's National Development and Reform Commission (NDRC) has announced an increase in retail fuel prices, effective from Saturday. This move follows changes in international crude oil prices amid escalating geopolitical tensions in the Middle East.

The price of gasoline will rise by 685 yuan ($100.89) per metric ton, while diesel prices will increase by 655 yuan per ton. Chinese oil industry analysts attribute the adjustment to rising global crude oil prices.

The US-Iran conflict has been cited as a contributing factor to the surge in oil prices. The Qazinform News Agency had earlier reported on the impact of this conflict on energy markets.