As a result of significant disruptions in the supply of raw materials and petroleum products from the Middle East caused by the conflict in Iran, the Chinese government has decided to take urgent measures in the domestic fuel market. This was reported by TASS.
According to a statement from the National Development and Reform Commission of China, retail prices for diesel fuel and gasoline will increase again starting March 24. This adjustment is the second since the beginning of March. As a result, the price of a ton of gasoline will rise by 1160 yuan, while diesel fuel will increase by 1115 yuan.
After the price change, the cost of gasoline will range from 10,415 to 10,855 yuan per ton (approximately $1,500-1,570 at the current exchange rate), while diesel fuel will rise to 9,460-9,800 yuan ($1,370-1,420).
Fuel prices in China are directly linked to fluctuations in global oil prices. If oil prices change by more than 50 yuan per ton and remain at that level for more than 10 days, the authorities make a decision to adjust prices.
Price differences for gasoline and diesel fuel exist depending on the region, as well as the volume of subsidies allocated by the government. The highest fuel prices are recorded in Chengdu, while the lowest are observed in the Xinjiang Uyghur Autonomous Region.
The previous price increase occurred on March 10 and was also related to supply disruptions of energy resources from the Middle East due to Iran's blockade of the Strait of Hormuz. Experts note that fuel reserves in the domestic market of China will ensure the country for at least 130 days.
