Due to significant disruptions in the supply of 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 information was published by TASS.
The National Development and Reform Commission of China announced the second increase in gasoline and diesel prices since the beginning of March. These changes will take effect on Tuesday, March 24. From that moment, the price of a ton of gasoline in the domestic market will rise by 1160 yuan, while diesel fuel will increase by 1115 yuan.
After the price update, 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 will rise to 9,460-9,800 yuan ($1,370-1,420).
Fuel prices in China depend on fluctuations in global oil prices. If the price of one ton of petroleum products in the country changes by more than 50 yuan and remains at that level for 10 days or more, the authorities will initiate an adjustment.
Price differences for gasoline and diesel are observed in different regions of China and depend on the level of subsidies provided by the government. The highest fuel prices are traditionally recorded in Chengdu, while the lowest are 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 will last for at least 130 days.
