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Economics

China Raises Fuel Prices Again Amid Global Oil Surge

China on Monday announced a new increase in gasoline and diesel prices, effective Tuesday, following an “unprecedented” rise in global oil prices triggered by the US-Israeli war on Iran.

The country’s top economic planner, the National Development and Reform Commission (NDRC), said gasoline prices will rise by 1,160 yuan ($167) per ton, while diesel prices will increase by 1,115 yuan ($161) per ton.

The NDRC urged major state oil companies — China National Petroleum Corporation, Sinopec, and China National Offshore Oil Corporationto strictly adhere to national pricing policies.

It also called on local authorities to strengthen supervision and inspections and to strictly punish violations of pricing rules.

This marks the second increase in fuel prices in China since the outbreak of the war on Iran.

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