China hikes fuel prices for second time in two weeks
image for illustrative purpose
Beijing: China on Tuesday raised gasoline and diesel prices for the second time in about two weeks, tracking a surge in global crude oil rates amid the ongoing West Asia conflict.
The National Development and Reform Commission (NDRC) said the revised prices will take effect from Wednesday. The move follows an earlier hike on March 23 as authorities brace for potential supply disruptions linked to the US-Israel-Iran tensions.
Under the latest adjustment, gasoline prices will rise by 420 yuan (about USD 61) per tonne and diesel by 400 yuan (about USD 58) per tonne. The NDRC said international oil prices have seen sharp fluctuations since late March. China relies on imports for nearly 70 per cent of its crude needs, with around 30 per cent of total supply exposed to potential disruptions in the Strait of Hormuz.
