Domestic Fuel Prices Surge for Fifth Straight Week, 92-Octane Gasoline Nears ¥9/Liter

On March 23, domestic refined oil prices saw their fifth increase this year. The retail price ceiling for gasoline and diesel is expected to rise by approximately RMB 2,200 per ton, translating to an increase of RMB 1.73, RMB 1.83, and RMB 1.87 per liter for grade 92 gasoline, grade 95 gasoline, and grade 0 diesel, respectively. Following this adjustment, the price of grade 92 gasoline could surpass the RMB 9-per-liter mark. For a typical 70-liter fuel tank, filling up will cost about RMB 106 more. So far this year, fuel prices have undergone "four increases and one suspension"; if this latest adjustment takes effect, it will result in a pattern of "five increases and one suspension," with cumulative hikes exceeding RMB 1,100 per ton. The high fuel prices are prompting many drivers to switch to public transportation options such as subways and buses.