[REVISION HISTORY]

China fuel export and domestic pricing trends

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2026-10-29 08:51 UTC → 2026-11-02 05:32 UTC · added ~~removed~~

In early October, China approved a fuel export quota of approximately 3.7 million metric tons, including gasoline, diesel, and jet fuel. This resumption of shipments followed a temporary suspension during the Golden Week holiday. While intended to provide relief to global markets facing supply constraints, the allocation was lower than the previous month, indicating caution regarding domestic supply levels. By late October, China's National Development and Reform Commission announced adjustments to domestic refined oil prices due to rising international crude oil costs linked to geopolitical tensions in the Middle East. To mitigate the impact on consumers, regulators implemented a controlled increase, raising gasoline and diesel prices by approximately 0.27 to 0.29 yuan per liter. This represented the fifth price adjustment in 2026. Effective October 30, wholesale fuel prices were increased, with gasoline rising by 345 yuan per ton and diesel by 335 yuan per ton. Although standard pricing formulas would have dictated higher increases of 440 yuan and 420 yuan per ton respectively, the government partially absorbed the surge to limit economic shocks. These adjustments reflect broader instability in the international energy landscape, including uncertainties regarding energy transit routes such as the Strait of Hormuz.

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