China will continue to limit roughly half of the increase in fuel prices starting tonight, extending measures announced in March to mitigate the impact of rising oil prices.
According to a statement by the National Development and Reform Commission (NDRC), the country’s main economic planning body, gasoline prices will rise by 420 yuan (52.95 euros) per ton, instead of the standard 800 yuan (100.86 euros) increase, due to “considerable” market fluctuations.
Diesel prices will increase by 400 yuan (50.43 euros) per ton, instead of the calculated 770 yuan (97.07 euros).
“To mitigate the impact of rising international crude oil prices on the domestic market, the government continues to apply control measures on petroleum product prices,” the NDRC stated on its website.
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On March 23, the NDRC announced it would cap increases at 1,160 yuan for gasoline and 1,115 yuan for diesel (146.24 and 140.57 euros), rather than the standard 2,205 and 2,120 yuan (277.99 and 267.27 euros) reflecting crude oil price changes.
The current statement calls on large state-owned oil companies to organize production and transport of refined products to ensure stable supply, and to strictly apply price controls.
The NDRC warned of severe penalties for violations and urged authorities nationwide to strengthen market supervision and inspections.
Faced with a de facto blockade of the Strait of Hormuz, through which 45% of China’s imported oil passes, the country has seen one of the largest recent fuel price increases, prompting regulators to intervene to limit the impact on citizens.
