China Raises Retail Fuel Prices for the Second Straight Time

China's National Development and Reform Commission said on September 11 that retail prices for gasoline and diesel would rise by 260 yuan and 250 yuan per metric ton, respectively, after the latest adjustment under the current pricing mechanism. The increase was smaller than the initial adjustment of 435 yuan and 420 yuan per ton, with 92-octane gasoline up 0.2 yuan per liter and 95-octane gasoline and No. 0 diesel both up 0.21 yuan per liter, according to Jiemian News. The commission said it would guide fuel producers and distributors to ensure stable supply and step up market inspections to punish violations of state pricing policy. Jiemian News reported that the move comes as international oil prices have risen on geopolitical tensions in the Middle East, while the next domestic fuel price review is scheduled for 24:00 on September 24.