China's NDRC: Gasoline and Diesel Prices Raised by 395 Yuan/Ton and 385 Yuan/Ton Respectively Starting September 24
nashnova research
China's NDRC will raise gasoline by 395 yuan/tonne and diesel by 385 yuan/tonne from midnight September 24 — roughly half the level the pricing mechanism called for — deploying a temporary cap to cushion the impact of Middle East–driven oil volatility.
How much are fuel prices actually going up?
Gasoline (standard grade) rises 395 yuan per tonne; diesel rises 385 yuan per tonne, effective midnight September 24.
The formula-based pricing mechanism called for increases of 830 yuan and 800 yuan respectively.
This means → the actual hike is roughly half the formula level; the gap is absorbed by a government intervention.
Why didn't the government pass through the full increase?
The NDRC activated a temporary price-control measure to cap the pass-through.
In plain terms = international crude surged so fast that a full pass-through to the pump would hit consumers too hard, so Beijing absorbed about half the cost.
This reflects policymakers' current priority: containing inflation pass-through and shielding consumer spending over strict market pricing of fuel.
What is driving the oil-price swings?
The NDRC cited complex and volatile Middle East geopolitics since the last adjustment on September 11.
International crude followed a pattern of sharp rally → pullback → fresh spike.
This means → near-term oil prices remain hostage to geopolitical risk; if Middle East tensions escalate further, pressure at the next pricing window will not ease.
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