China Hikes Gasoline and Diesel Prices Amid Rising International Oil Costs

China's National Development and Reform Commission (NDRC) announced that it will increase gasoline and diesel prices from Saturday. The price hike is based on recent changes in international crude oil prices.

The NDRC stated that the retail prices of gasoline and diesel should have increased by 435 yuan and 420 yuan per tonne, respectively, but due to a smaller-than-required adjustment, they will only rise by 260 yuan (about 38.38 U.S. dollars) and 250 yuan per tonne.

Despite the price increase, private car owners will spend about 7 yuan less when filling up their tanks, while truck drivers will save around 75 yuan per tank.

The move aims to cushion the impact of rising international oil prices on China's domestic market. The NDRC noted that the conflict between the United States and Iran has driven international crude oil prices up sharply since the last price adjustment on August 28.