Domestic fuel prices to rise at 24:00 on April 7, marking sixth consecutive hike

According to China's refined oil pricing mechanism, the next round of domestic fuel price adjustments will take effect at 24:00 on April 7. As of the ninth working day of the current pricing cycle, the composite crude oil basket change rate stands at +2.59%, indicating an expected increase of RMB 225 per tonne for gasoline and diesel, equivalent to a rise of RMB 0.17–0.20 per liter. This would mark the seventh adjustment in 2026, and if implemented as projected, it will represent the sixth consecutive price hike. On the international crude oil market, early trading on April 6 saw WTI crude trading at USD 113.88–113.89 per barrel, up 1.63%–2.11%. Brent crude posted a weekly gain of 7.78%, closing at USD 109.03–109.29 per barrel. Recent geopolitical tensions have heightened concerns over tightening global crude supply. Analysts note that if the Strait of Hormuz were blocked for even one day, global crude supply would drop by at least 15 million barrels, contributing to significant volatility in international oil prices last week. During that period, the front-month U.S. crude futures contract rose nearly 12%, while the front-month Brent crude futures contract declined by 3.14%. Under regulations set by China’s National Development and Reform Commission (NDRC), domestic retail ceiling prices for gasoline and diesel are adjusted every 10 working days based on international crude oil prices. A price control mechanism is triggered if the 10-day average of the basket of international crude prices exceeds USD 130 per barrel or falls below USD 40 per barrel. Should the basket price sustain a sharp increase beyond USD 130 per barrel—corresponding to a domestic retail price slightly above RMB 10 per liter—the excess portion may not be fully passed through to consumers, or only partially reflected in retail prices. In such scenarios, complementary fiscal and tax support measures may also be introduced to ensure stable fuel supply.