China Cuts Planned Fuel Price Hike After Oil Rally

China's National Development and Reform Commission said that following the August 28 domestic refined fuel price adjustment, renewed Iran-U.S. conflict has pushed international crude prices sharply higher. To ease the impact on China, the commission said it will impose temporary controls on domestic refined fuel prices within the current pricing framework, according to Jiemian News. Based on the existing pricing mechanism, gasoline and diesel prices in China should have risen by 435 yuan and 420 yuan per metric ton, respectively, on September 11. After the temporary adjustment, the actual increases will be 260 yuan and 250 yuan per metric ton. China National Petroleum Corp., Sinopec, CNOOC and other crude processors were told to organize production and transport to ensure stable supply, while local authorities were instructed to step up market inspections and punish violations of state pricing rules. Consumers can report price violations through the 12315 platform.