China Implements Temporary Regulatory Measures on Refined Oil Prices

China has introduced temporary regulatory measures on domestic refined oil prices to mitigate the impact of sharply rising international crude oil prices, according to an announcement released Monday on the official website of the National Development and Reform Commission (NDRC).

The announcement noted that international crude oil prices have surged significantly amid escalating tensions involving the United States, Israel, and Iran, with Middle Eastern crude prices repeatedly reaching historic highs. To cushion the shock of abnormal global price hikes, alleviate the burden on downstream users, and ensure stable economic operation and social welfare—while preserving the framework of the existing pricing mechanism—the NDRC implemented the temporary adjustment.

The NDRC disclosed that under the current pricing mechanism, benchmark prices for standard-grade gasoline and diesel were scheduled to rise by 2,205 RMB and 2,120 RMB per ton, respectively, effective March 23. Following regulatory intervention, the actual increases were adjusted to 1,160 RMB per ton for gasoline and 1,115 RMB per ton for diesel.