Fuel Prices Set to Rise Tonight as Global Oil Costs Surge

According to the National Development and Reform Commission, since the domestic refined oil price adjustment on October 15, escalating geopolitical tensions in the Middle East have driven international crude oil prices sharply higher.

To cushion the impact on the domestic market, the government has once again applied regulatory measures to refined oil prices. Based on the current pricing mechanism, from 24:00 on October 29, the prices of domestic gasoline and diesel (standard grade) should have been raised by 440 yuan and 420 yuan per ton respectively. However, taking into account both the need to ease the burden on downstream users and to ensure the safe and stable supply of refined oil, the actual increases after regulation will be 345 yuan and 335 yuan.

The National Development and Reform Commission will guide refined oil production and sales enterprises to make every effort to ensure production and transportation, guarantee stable market supply, and cooperate with relevant departments to strengthen market supervision and inspection. It will strictly investigate and punish illegal activities such as non-compliance with national price policies, so as to effectively maintain market order and protect consumer interests.