China Slams Brakes on Fuel Prices Amid Escalating Global Tensions

China has announced plans to raise retail gasoline and diesel prices in response to rising international crude oil prices. The National Development and Reform Commission (NDRC) will increase domestic gasoline and diesel prices by 685 yuan and 655 yuan per tonne, respectively, effective from Saturday.

The price adjustments follow a rise in international crude prices due to escalating geopolitical tensions in the Middle East, according to Liu Bingjuan, an oil industry analyst. The NDRC's current pricing mechanism adjusts domestic gasoline and diesel prices every 10 working days based on changes in international crude oil prices.

Major oil producers and refiners are urged to ensure stable market supply and strictly implement national pricing policies. The price monitoring center of the NDRC notes that geopolitical conditions remain uncertain, and the market will need to closely monitor how US-Iran dynamics may affect global crude prices.