China's Tenth Fuel Price Hike in 2026: Gasoline and Diesel Up 685 Yuan and 655 Yuan per Tonne

The National Development and Reform Commission announced that from 24:00 on July 31, domestic gasoline and diesel (standard product) prices will be raised by RMB 685 per tonne and RMB 655 per tonne respectively. On a national average basis, 92 RON gasoline, 95 RON gasoline, and 0# diesel will increase by RMB 0.54, RMB 0.57, and RMB 0.56 per liter. For a small private car with a 50-liter fuel tank, filling up with 92 RON gasoline will cost an additional RMB 27.

During the current fuel price adjustment cycle (from 24:00 on July 17 to 24:00 on July 31), international crude oil prices experienced sharp volatility. Affected by factors such as repeated military conflicts between the United States and Iran, international oil prices generally rose more than they fell, showing a phased oscillating trend. After several consecutive days of sharp increases, prices retreated, then surged again recently. The average price over the 10 working days before this adjustment was significantly higher than the previous cycle. Tensions in the Middle East continued, with the Strait of Hormuz temporarily blocked and Yemen's Houthi group announcing a maritime embargo on Saudi Arabia, with market concerns over crude supply disruptions supporting higher oil prices.

Companies including China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation are required to organize production and transportation of refined oil products to ensure stable market supply and strictly implement national pricing policies. Local authorities will strengthen market supervision and inspection, and severely punish violations of national pricing policies. Consumers can report price violations through the 12315 platform.

After this adjustment, China's fuel prices in 2026 have undergone 15 adjustments, presenting a pattern of 10 increases, 4 decreases, and 1 unchanged. Earlier, in response to the oil price surge caused by the Middle East conflict, the state implemented two adjustments to fuel prices on March 23 and April 7, effectively raising gasoline and diesel by RMB 1,160 and RMB 1,115 per tonne, and RMB 420 and RMB 400 per tonne respectively. On July 3, gasoline and diesel prices were cut by RMB 950 and RMB 915 per tonne, the largest single decline in 2026.