Beijing

China has increased gasoline and diesel prices for the second time in a fortnight, citing rising global crude oil prices amid the ongoing conflict in West Asia.

The country’s top economic planner, the National Development and Reform Commission (NDRC), announced that the revised prices will come into effect from Wednesday.

According to the NDRC, gasoline prices will rise by 420 yuan (USD 61) per tonne, while diesel prices will increase by 400 yuan (USD 58) per tonne. The move follows an earlier hike on March 23 as authorities prepared for potential supply disruptions.

The commission said international crude oil prices have shown significant volatility in recent weeks, prompting adjustments in domestic fuel rates under China’s pricing mechanism.

Major state-run energy firms—including China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation—have been directed to maintain production levels and ensure smooth transportation to stabilise supply.

Authorities have also been asked to strengthen market supervision and crack down on violations of pricing regulations to maintain order.

China currently holds around four months of emergency oil reserves. However, the country remains heavily dependent on imports, which account for nearly 70 per cent of its crude oil consumption.

A significant portion of these imports—about 45 per cent—passes through the Strait of Hormuz, making roughly 30 per cent of China’s total oil supply vulnerable to disruptions in the region.

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Despite this exposure, analysts believe China is relatively better positioned than many other major economies due to diversified energy sources, including pipeline supplies and long-term contracts with Russia.