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China to raise gasoline and diesel retail prices effective July 18
Gasoline is set to increase by 300 yuan, or $44.29, per ton, while diesel will rise by 290 yuan, or $42.82, per ton, as crude prices jumped over the prior adjustment period.
China is set to raise domestic retail prices for gasoline and diesel effective July 18, following a weekly surge in international crude oil prices, according to OilPrice citing China’s state economic planning commission.
The National Development and Reform Commission said gasoline prices will climb by 300 Chinese yuan, or $44.29, per ton, and retail diesel prices will increase by 290 yuan, or $42.82, per ton, as of Saturday.
The agency said the most recent pricing cycle was marked by volatile gains in international crude oil prices tied to renewed tensions in the Middle East, which pushed the average crude price over the 10 working days before the adjustment above the previous cycle.
OilPrice also noted crude futures were on track for a 12% weekly increase at the time, with the re-escalation in the Middle East and disruptions to Strait of Hormuz flows contributing to the move.
Latest closeWTI crude $79.00 ▼0.8%|Gasoline (RBOB) $3.114 ▼5.7%