Oil prices are being temporarily adjusted this evening to cushion the domestic market from surging international crude costs.
Since domestic refined oil product prices were last adjusted on August 28, escalating US-Iran conflicts have driven a sustained and significant rise in global crude prices. Notably, a fresh abnormal surge has been observed in Middle Eastern oil benchmarks. To mitigate the impact of these rising international prices on the domestic economy and safeguard social welfare, temporary regulatory measures on domestic fuel prices have been implemented while preserving the existing pricing framework.
Calculations based on the current pricing mechanism indicated that on September 11, domestic gasoline and diesel (standard product) prices should have increased by 435 yuan and 420 yuan per tonne, respectively. Following the intervention, the actual increases have been set at 260 yuan and 250 yuan per tonne.
Specifically, the maximum retail prices for gasoline and diesel (standard products) were slated to rise by 435 yuan and 420 yuan per tonne but have only increased by 260 yuan and 250 yuan. This translates to a reduction of 175 yuan and 170 yuan per tonne, respectively. For consumers, this means the cost per litre for 92-octane gasoline and 0-grade diesel will rise by 0.14 yuan and 0.15 yuan less than originally projected, a moderation of roughly 40%.
Preliminary estimates suggest a private car owner will save approximately 7 yuan on a full tank, while a heavy truck driver could save around 75 yuan per fill-up.
Monitoring by the Price Monitoring Center of the National Development and Reform Commission (NDRC) shows that during this pricing cycle (from 24:00 on August 28 to 24:00 on September 11), international oil prices surged significantly. This was driven by the escalated US-Iran military conflict, heightened risks of a wider Middle East war, and continued disruptions to transits through the Strait of Hormuz. Average prices during this period were higher than in the previous adjustment cycle.
According to analysis from the NDRC's Price Monitoring Center, geopolitical conditions remain highly uncertain. The US-Iran military confrontation has worsened and continues to spill over, with large-scale clashes around the Strait of Hormuz. The Houthi group's control of Yemen's Mocha port and expanded attacks on Saudi energy facilities have also increased shipping risks in the Red Sea. Close attention must remain on the potential impact of US-Iran developments on global oil prices.
The NDRC has instructed major oil companies, including PetroChina, Sinopec, and CNOOC, along with other refining enterprises, to organize production and transportation of refined oil products. This is to ensure stable market supply and strict adherence to national pricing policies. Local authorities are urged to intensify market supervision and strictly penalize any violations of these pricing rules, thereby maintaining orderly market conditions. Consumers who encounter price irregularities can report them through the 12315 platform.