(Source: Xinhua News Agency 2026-03-23)

The National Development and Reform Commission announced on the 23rd that based on calculations based on the current price mechanism, starting from 24:00 on March 23, domestic gasoline and diesel prices (standard products) should be increased by 2,205 yuan and 2,120 yuan per ton respectively. After regulation, they were actually increased by 1,160 yuan and 1,115 yuan.

Experts said that this increase in gasoline and diesel prices was affected by the sharp increase in international crude oil prices driven by the intensification of the conflict between the United States, Israel and Iran.

Tian Lei, deputy director of the Economic Center of the Energy Institute of the China Academy of Macroeconomics, said that due to the recent intensification of the conflict between the United States and Israel, crude oil prices in the international market have risen sharply, with price increases in various regions generally exceeding 40%. In particular, crude oil prices in the Middle East have rapidly risen to more than 150 US dollars per barrel, setting new historical highs and increasing by more than 130% compared with before the conflict.

“my country is a major oil importer, with more than 70% of crude oil extracted from outside. The rise in international crude oil prices directly increases my country’s import and oil consumption costs.” Tian Lei said.

The reporter noticed that after this domestic gasoline and diesel price adjustment, the actual price increase was lower than the should increase price. Experts said this move is intended to ensure the smooth operation of the domestic economy.

Lu Zhichen, deputy director of the Price, Cost and Certification Center of the National Development and Reform Commission, said that according to the current domestic refined oil price mechanism, the maximum retail prices of gasoline and diesel should be increased by 2,205 yuan and 2,120 yuan per ton respectively. The price increase is very large, which will significantly increase the cost of oil and have an impact on the smooth operation of related industries.

“In order to mitigate these adverse effects and reduce the burden on downstream users, the state has adopted temporary control measures on refined oil prices.” Lu Zhichen said that domestic gasoline and diesel were actually raised by 1,160 yuan and 1,115 yuan per ton, a decrease of 1,045 yuan and 1,005 yuan, which is equivalent to a decrease of about 0.85 yuan per liter in the national average gasoline and diesel prices.

"In recent years, the price of refined oil has been adjusted according to the current mechanism. This is the first adjustment since the implementation of the current mechanism in 2013. The state's move fully demonstrates our country's institutional advantages. It is a timely and powerful measure in response to the sharp rise in international oil prices and plays an important role in ensuring the smooth operation of the domestic economy."Professor Dong Xiucheng of the w88 casinoSay.

Currently, the conflict between the United States, Israel and Iran is still continuing. Experts analyze that if international crude oil prices continue to rise sharply in the future, the country may take corresponding regulatory measures.

The current domestic refined oil price mechanism sets a price control upper limit of US$130 per barrel.Dong XiuchengAnalysis, if the average price of a basket of international crude oil exceeds 130 US dollars per barrel (the corresponding average retail price of domestic 92-proof gasoline is probably slightly higher than 10 yuan per liter), for the part exceeding the upper limit, the domestic maximum retail price of gasoline and diesel will not increase or increase less. At the same time, in order to stabilize supply, the state may adopt some fiscal and tax support policies.

Dong XiuchengFor example, the Russia-Ukraine conflict in 2022 triggered a sharp rise in international oil prices. The state made it clear at that time that when the international oil price exceeded the regulatory upper limit of US$130 per barrel, domestic refined oil prices would no longer be raised in the short term (no more than two months), and periodic subsidies would be provided to oil refining companies.

The reporter learned that the current domestic refined oil price mechanism stipulates that the maximum retail price of gasoline and diesel is based on the price of crude oil in the international market and is adjusted every 10 working days. Since 2013, domestic refined oil prices have been adjusted according to this mechanism, that is, based on changes in the average price of a basket of international crude oils in the 10 working days before the price adjustment. There have been increases and decreases. In the past 2025, there were 7 increases, 12 decreases, and 6 no adjustments.

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