China caps fuel price rise: gasoline up 345 yuan a tonne, diesel up 335 from midnight
In short
China's National Development and Reform Commission said it is again regulating refined fuel prices after crude prices rose sharply on escalating Middle East tensions. From 24:00 on 29 October, gasoline will rise 345 yuan a tonne and diesel 335 yuan, below the 440 and 420 yuan the current pricing mechanism calls for.
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China's National Development and Reform Commission announced on 29 October that the state is again taking regulatory measures on refined fuel prices. According to the announcement, which CLS, 36Kr, China News Service, IT Home, Jiemian and Xinhua carried, Middle East tensions have escalated since domestic refined fuel prices were adjusted on 15 October, and international crude prices have risen sharply. The commission said the measure is meant to reduce the impact on the domestic market. [ 1 , 2 , 4 , 5 , 6 , 7 ]
By the current price mechanism, domestic gasoline and diesel (standard grades) would rise by 440 yuan and 420 yuan per tonne respectively from 24:00 on 29 October. The commission said it balanced easing the burden on downstream users with keeping refined fuel supply secure and stable. After regulation, the actual increases are 345 yuan per tonne for gasoline and 335 yuan per tonne for diesel. [ 1 , 2 , 4 , 6 , 7 ]
IT Home added that the actual rises are 95 yuan and 85 yuan per tonne smaller than the mechanism called for. It gave national average increases of 0.27 yuan per litre for 92-octane gasoline, 0.29 yuan for 95-octane gasoline and 0.29 yuan for 0 diesel. For a family car with a 50-litre tank, it said, filling up with 92-octane gasoline will cost 13.5 yuan more. IT Home also said this is the fifth time this year the state has regulated refined fuel prices, and that the mechanism was triggered again after the first temporary regulation on 23 March. No other document gives that count. [ 5 ]
The commission told CNPC, Sinopec, CNOOC and other crude processors to organise refined fuel production and distribution, ensure stable market supply and follow state price policy strictly. It told local departments to step up market inspections and severely punish failures to follow the policy, to maintain normal market order. Consumers can report price violations through the 12315 platform. [ 1 , 4 , 5 , 6 , 7 ]
Xinhua's report was accompanied by a table of maximum retail prices for gasoline and diesel in each province, region, municipality and central city. IT Home referred to a similar list. The table itself is not reproduced in the documents. [ 5 , 7 ]
Why it matters
The measure limits the size of the increase passed on to domestic fuel users, according to the commission's announcement. IT Home calculated that filling a 50-litre tank with 92-octane gasoline will cost 13.5 yuan more.
Key facts
- The National Development and Reform Commission said the state is again taking regulatory measures on refined fuel prices, citing escalating Middle East tensions and a sharp rise in international crude prices since the 15 October adjustment. [ 1 , 2 , 4 , 6 , 7 ]
- From 24:00 on 29 October, the current price mechanism calls for gasoline and diesel (standard grades) to rise by 440 yuan and 420 yuan per tonne respectively. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- After regulation, the actual increases are 345 yuan per tonne for gasoline and 335 yuan per tonne for diesel. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- IT Home said the increases are 95 yuan and 85 yuan per tonne smaller than the mechanism requires. [ 5 ]
- IT Home gave national average rises of 0.27 yuan per litre for 92-octane gasoline, 0.29 yuan for 95-octane and 0.29 yuan for 0 diesel. [ 5 ]
- Consumers can report price violations through the 12315 platform. [ 1 , 4 , 5 , 6 , 7 ]
Confirmed by several sources
- From 24:00 on 29 October, domestic gasoline and diesel prices rise by 345 yuan and 335 yuan per tonne after regulation, against 440 yuan and 420 yuan under the current mechanism. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- The commission cited escalating Middle East tensions and a sharp rise in international crude prices since the 15 October adjustment. [ 1 , 2 , 4 , 5 , 6 , 7 ]
- CNPC, Sinopec, CNOOC and other crude processors were told to organise production and distribution to keep supply stable and to follow state price policy strictly; local departments were told to step up inspections and punish violations. [ 1 , 4 , 5 , 6 , 7 ]
Still unclear
- Whether this is the fifth regulation of refined fuel prices this year, and the first since a temporary regulation on 23 March. Only IT Home states this; no other document gives a count or the March date.
- The per-litre increases and the extra cost of filling a tank. Only IT Home gives national averages and the 13.5 yuan figure for a 50-litre tank; the other documents give only per-tonne figures.
- Maximum retail prices by province and central city. Xinhua and IT Home refer to a table of these prices, but its contents are not in the documents.
What local media are saying
Timeline, local time
- CLS reports the commission's announcement. [ 1 ]
- 36Kr and Yicai publish reports. [ 2 , 3 ]
- China News Service publishes the announcement, citing the commission's website. [ 4 ]
- IT Home publishes with per-litre averages and the cost per tank. [ 5 ]
- Xinhua publishes the announcement with a table of maximum retail prices. [ 7 ]
- The regulated gasoline and diesel price increases take effect on 29 October. [ 1 , 2 , 4 , 5 , 6 , 7 ]