On March 23, 2026, in China, the prices of refined oil products are set to be significantly raised late into the night. This has led to a situation where many vehicle owners are rushing to refuel, causing long queues and congestion at gas stations, sparking a frenzy of “oil grabbing”.
According to reports from multiple financial and economic media outlets in China on March 23, the National Development and Reform Commission of the Chinese Communist Party decided to raise the prices of refined oil products. The planned increase in gasoline and diesel prices was initially set at around 2205 yuan and 2120 yuan per ton respectively, but after adjustments, the actual increases were compressed to 1160 yuan and 1115 yuan per ton.
Nevertheless, the market impact is still quite significant. Various institutions have estimated that after this price adjustment, the price of 92 octane gasoline will completely enter the “9 yuan era”, with an increase of approximately 1.6 to 1.8 yuan per liter. This means that for a 50-liter tank, the cost of a full tank of gas will increase by about 80 to 90 RMB.
Moreover, the China Petroleum and Chemical Corporation (Sinopec) had recently sent out rare text messages to its members nationwide, warning them of the significant price hike scheduled for the evening of March 23 and advising vehicle owners to “plan their travel time reasonably and refuel off-peak hours”.
In the hours leading up to the price adjustment, vehicle owners flocked to gas stations across the country in a rush to “beat the last train”, causing many stations to be congested like parking lots.
On March 23, reporters from the “Financial Channel” visited Sinopec and PetroChina gas stations in Jinan and found that despite some vehicles still having fuel remaining in their tanks, owners chose to come and “top up” to minimize losses. Mr. Li, who was refueling, told the reporter: “My tank is almost full, but I heard that the (oil price) will rise soon, so I’m topping up some more today.”
Gas station staff stated, “There has been a noticeable increase in refueling vehicles these past two days. We worked overtime until after 11 p.m. the day before yesterday and yesterday. Tonight, there are estimated to be even more vehicles than yesterday.” They also mentioned that most owners, with a mindset of “stocking up early,” were filling their tanks before the price hike.
At the Sinopec Wanhong Square North Gas Station in Jinan, Mr. Mu told reporters, “I received a text message alert, and while I passed by here last night and saw too many people lining up, I didn’t refuel. Today, I quickly came to fill up my tank.”
As of now, China’s oil prices have experienced multiple rounds of increases this year, and if this adjustment is implemented, it will mark a “fifth consecutive increase”.
It is widely believed in the market that the current surge in oil prices is directly due to the tension in the international energy market. Data shows that international crude oil prices have risen to around $96 per barrel, reaching a temporary high.
Meanwhile, the situation in the Middle East continues to be volatile, especially with the rising risks in the Strait of Hormuz. As a crucial global passage for oil transport, any disruptions in this area will quickly raise expectations of oil price hikes.