China braces for fuel shortage; hikes gasoline, diesel prices
China has increased retail fuel prices as part of preparations for a fuel crisis amid apprehensions that the US-Israel-Iran war may prolong, leading to shortages of gasoline and diesel.
China’s top planner, the National Development and Reform Commission (NDRC) has announced temporary measures starting from Tuesday amid increases in international oil prices.
The measures have been adopted to mitigate the impact of the abnormal rise in international oil prices, reduce the burden on downstream users, and ensure stable economic operation and social livelihood, the NDRC said.
Accordingly, gasoline and diesel prices will increase by 1,160 yuan and 1,115 yuan per tonne, respectively, according to the statement by NDRC.
China reportedly has about four months of emergency reserves. Following the announcement of the fuel price hike, vehicle owners rushed to gas stations all over China to fill their vehicles’ tanks.
