Mainland drivers crowd the pumps ahead of 5th oil price hike

已複製連結

China increases refined oil prices at midnight, marking the fifth increase this year. Long queues could be seen at petrol stations in Shenzhen after nightfall.

But that comes with a temporary price control measure. Under the current pricing mechanism, domestic petrol and diesel prices would be increased by 2,205 yuan and 2,120 yuan per tonne respectively. But with the price control, the actual domestic petrol and diesel prices are increasing by 1,160 yuan and 1,115 yuan per tonne respectively. It's the first government intervention since the 2013 refined oil pricing mechanism is in place to cushion the impact of global oil price hikes.