China to increase domestic fuel prices due to rising crude oil costs

China's National Development and Reform Commission has announced a new round of adjustments to domestic refined oil prices, effective from 24:00 on October 29. The move follows a significant rise in international crude oil prices driven by escalating geopolitical tensions in the Middle East.

Under the current pricing mechanism, gasoline and diesel prices were set to rise by 440 yuan and 420 yuan per ton, respectively. However, to mitigate the impact on downstream users and ensure stable supply, regulators have implemented a controlled adjustment, reducing the actual increases to 345 yuan and 335 yuan per ton.

On a national average, 92-octane gasoline is expected to rise by 0.27 yuan per liter, 95-octane gasoline by 0.29 yuan per liter, and 0# diesel by 0.29 yuan per liter. For a standard 50-liter passenger vehicle, a full tank of 92-octane gasoline will cost approximately 13.5 yuan more. This marks the fifth price adjustment in 2026, reflecting the ongoing volatility in the global energy market.