Surge In Gasoline And Diesel Prices In China

By Shubhendra Anand , 01 May, 2024

The Chinese government decides to soar in gasoline and diesel prices in between the increasing crude oil prices in 2024. Around the beginning of the first quarter of 2024, crude oil prices are experiencing a sudden price hike. Therefore, the gasoline and diesel prices are set to increase in China as decided by the Chinese government in April 2024.

According to recent reports on the increasing gasoline and diesel prices in China, the prices will increase to USD 27.60 per ton for gasoline and up to USD 27 per ton for diesel in 2024. The Chinese government reveals that gasoline and diesel prices are increasing due to rising crude oil prices. Globally, the rise in crude oil prices affects the domestic oil market in various regions. The Chinese government has warned the oil refiners in the country to control the oil production and deliver it to the market wisely. This is due to maintaining a stable oil supply for consumers at a moderate price. However, an international hike in crude oil will change domestic oil prices in 2024.

Based on a survey from Chinese National Petroleum Corporation, the oil demand can increase in China till 2025. The data from the survey shows a decline in oil demand from 2030 due to clean energy transitions. Therefore, oil price changes depend on various factors, but consumer demand still ranks higher.

Changing dynamics of oil market