China limits fuel price hikes for third time since Iran conflict

China has announced a limited increase in fuel prices for the third time since the start of the Iran War, aimed at mitigating the impact of rising global oil prices on the domestic market. Gasoline and diesel prices will be raised by 260 and 250 yuan respectively, starting September 12, with these increases remaining below usual levels according to the pricing mechanism. Following these adjustments, fuel prices are approximately 19% to 21% higher than pre-war levels, amid a global decline in oil prices and ongoing concerns over supply disruptions due to attacks on shipping routes in the Middle East. Data on demand indicates that oil consumption in China will decline for the third consecutive year in 2026, with a significant drop expected in gasoline and diesel consumption, while increasing sales of electric vehicles continue to boost the new energy vehicle market.

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