China raises fuel prices but caps increase a second time

China will raise retail gasoline and diesel prices following gains in global oil prices but cap the increases to cushion the impact on the domestic market, the National Development and Reform Commission said on Thursday.

China last raised retail transportation fuel prices on September 11, also capping the increase then, marking the fourth time they have limited the increases since the US-Israeli war on Iran began on February 28.

Retail prices for gasoline will rise by 395 yuan per metric ton (HK$461.56) and diesel by 385 yuan per ton, effective September 25. Under China’s scheduled pricing mechanism, the increases should have been 830 yuan and 800 yuan, respectively, the NDRC said in a statement.

After the adjustment, retail gasoline will be 24 percent and diesel prices will be 26 percent higher than the levels set at the last adjustment before the Iran war began.

Reuters

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓