China Lifts Retail Fuel Prices Following Global Crude Surge

Gasoline prices will increase by 300 yuan per ton, while diesel will rise by 290 yuan, according to the NDRC. These adjustments follow a 10-day cycle where international benchmarks pushed average crude costs significantly higher than the previous period. Liu Bingjuan, chief energy analyst at Oilchem, attributed the move to the instability of global markets and the disruption of flows through the Strait of Hormuz.

To prevent shortages, the NDRC has directed state-owned refining giants CNPC, Sinopec, and CNOOC to bolster production and streamline distribution networks. This domestic tightening mirrors a broader global trend. In the United States, average diesel prices reached $5 per gallon on Thursday, with gasoline nearing $4 per gallon. GasBuddy analyst Patrick De Haan noted that American consumers spent $308 million more on gasoline this past Thursday compared to the same date last year, underscoring the rapid financial impact of the current energy market volatility.