China implements temporary price control measures on finished oil products: average increase of approximately 0.85 yuan less per liter

The National Development and Reform Commission announced today (23rd) that since the domestic refined oil price adjustment on March 9, international crude oil prices have surged significantly due to escalating conflicts between the US, Israel, and Iran. Especially in the Middle East, crude oil prices have hit record highs. To mitigate the impact of the abnormal rise in international oil prices, reduce the burden on downstream users, ensure stable economic operation, and safeguard social well-being, temporary regulatory measures have been taken on domestic refined oil prices based on the current pricing mechanism framework.

According to the current pricing mechanism, starting from 24:00 on March 23, the maximum retail prices for domestic gasoline and diesel (standard products) should increase by 2,205 yuan and 2,120 yuan per ton respectively. To ease the burden on downstream users, the government has implemented temporary regulatory measures, with actual increases of 1,160 yuan and 1,115 yuan per ton for gasoline and diesel, respectively. This is 1,045 yuan and 1,005 yuan less than the full adjustment, roughly equivalent to a decrease of about 0.85 yuan per liter nationwide for both gasoline and diesel. For private car owners, based on a 50–60 liter tank, filling up with 92-octane gasoline can save about 40–50 yuan per fill-up. For large truck drivers, with a tank capacity of 400–600 liters, filling up can save between 300 and 500 yuan per tank.

The National Development and Reform Commission will guide refined oil production and sales enterprises to fully organize production and transportation, ensure market supply, and cooperate with relevant departments to strengthen market supervision and inspection. They will strictly investigate and punish illegal activities such as non-compliance with national pricing policies, effectively maintain market order, and protect consumer interests.