Beijing: China will raise the retail prices of gasoline and diesel from Saturday, reflecting recent changes in international crude oil prices, as announced by the country's top economic planner on Friday. Under this adjustment, gasoline and diesel prices will increase by 260 yuan (approximately US$38.38) and 250 yuan per tonne, respectively, according to the National Development and Reform Commission (NDRC).

According to Emirates News Agency, based on the current pricing mechanism, the ceiling retail prices of gasoline and diesel should have increased by 435 yuan and 420 yuan per tonne, respectively. However, the NDRC opted for a smaller increase. Preliminary estimates indicate that private car owners will save about 7 yuan per tank, while truck drivers will save approximately 75 yuan per tank, compared to the full adjustment required by the pricing mechanism.

The NDRC explained that since the last adjustment of refined oil prices on August 28, tensions between the United States and Iran have escalated, causing a sharp rise in international crude oil prices. This increase in domestic fuel prices aims to cushion the impact of these rising global oil costs on the Chinese market. China's three largest oil companies, along with other refineries, have been instructed to maintain production and transportation to ensure stable supply.

The NDRC emphasized the ongoing geopolitical uncertainties and the importance of monitoring the U.S.-Iran situation closely, as it continues to influence international oil prices. Additionally, China's domestic oil and gas supply is projected to reach 440 million tonnes of oil equivalent by 2030, according to a five-year sectoral plan released by the National Energy Administration and the NDRC in August. In 2025, the country's total oil and gas output reached a record 420 million tonnes, marking a significant enhancement in China's energy security capacity.