China dials back on fuel price hikes to 'reduce burden' on drivers
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To ease the burden on drivers, China has reduced planned fuel price hikes, despite a 20% increase in petrol prices since the start of the Iran war, which has disrupted oil shipping. Originally set to increase by over 2,200 yuan per tonne, gasoline and diesel prices will now rise by roughly half that amount, starting Tuesday. This adjustment follows five previous price hikes this year, the latest being the largest. Long queues formed at petrol stations across China over the weekend, with some stations running out of fuel. China has built significant oil reserves, including sanctioned Iranian oil, but authorities have also ordered refineries to temporarily cease fuel exports to manage domestic prices.
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AI-ExtractedThe latest price hike was the country's fifth and largest of the year so far - even with the reduction.
The increases will be nearly halved to 1,160 yuan and 1,115 yuan, starting Tuesday.
Gasoline and diesel prices were initially set to rise by 2,205 yuan and 2,120 yuan per tonne respectively.
China has dialled back on planned fuel price hikes in a bid to "reduce the burden" on drivers.
China has built up reserves of around 900 million barrels.
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