Domestic refined oil product prices are scheduled to rise from 24:00 today, following new adjustments announced by the authorities. This decision comes as a response to the recent volatility observed in international crude oil markets, which have been impacted by geopolitical tensions overseas.

The latest pricing action follows a period of significant upward pressure on global crude prices since the last domestic adjustment on August 28th. Escalating conflicts in the Middle East region have led to an abnormal surge in oil prices, prompting regulators to take measures to mitigate the impact on the domestic economy and consumers. To balance market stability with the need to protect the public from excessive cost increases, a temporary price control mechanism has been enacted under the existing pricing framework.

Based on the current pricing formula, the standard prices for gasoline and diesel were initially calculated to rise by 435 yuan and 420 yuan per tonne, respectively, effective from September 11th. However, after applying the temporary regulatory adjustments, the actual increases have been moderated to 260 yuan per tonne for gasoline and 250 yuan per tonne for diesel. This intervention aims to cushion the domestic market from the full brunt of the international price hike while ensuring a steady supply for economic activities and daily living.

The National Development and Reform Commission will guide production and sales enterprises to ramp up operations and logistics to guarantee a stable market supply. Concurrently, relevant authorities will intensify market supervision and inspection efforts to crack down on any violations of national pricing policies, such as unauthorized price hikes. These actions are designed to uphold market order and safeguard the interests of consumers across the nation.