China limits planned fuel price increases amid surge in global oil prices
The Facts
- China capped planned domestic gasoline and diesel price increases after a sharp rise in global oil prices.
- China's National Development and Reform Commission said gasoline prices would rise by 1,160 yuan per tonne and diesel prices by 1,115 yuan per tonne.
- Without the intervention, the planned increases would have been 2,205 yuan per tonne for gasoline and 2,120 yuan per tonne for diesel.
- Multiple reports said the capped increases were about half of what the standard pricing mechanism would have allowed.
- Several reports said the move was the first such intervention in China's refined-fuel pricing system since 2013.
- Reports said the policy was meant to ease the burden on users and support market or economic stability.
- Some reports said drivers in China rushed to fuel stations ahead of the price increase.
Context
Why did China intervene in fuel prices now?
Reports say the move came after global oil prices jumped sharply because of the Middle East conflict, with several outlets linking the surge to disruptions around the Strait of Hormuz CNN International,BBC,La Libre.be,قناة العربية. China said the temporary measures were intended to reduce the burden on users and limit the impact of abnormal price increases infobae,europa press,قناة العربية.
How much were fuel prices expected to rise before the cap?
The standard mechanism would have lifted gasoline prices by 2,205 yuan per tonne and diesel prices by 2,120 yuan per tonne, but the government limited the increases to 1,160 yuan and 1,115 yuan per tonne respectively Sabah,Коммерсант.…,BBC,Express Tribune,Економічна ….
Is this a routine adjustment in China?
No. Multiple reports said this was the first time China had used this kind of intervention in its refined-fuel pricing system since 2013 Коммерсант.…,CNN International,Корреспонде…,Independent,İnternethaber,Економічна ….
The receipts — all 60 sources
Wire services (1)
Independent coverage (50)
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