Today, on April 7th, China’s oil prices saw a sixth consecutive increase, exceeding industry expectations with the actual increase being questioned as the Chinese Communist Party (CCP) playing a “numbers game”. Meanwhile, long queues were observed at several gas stations in Shanghai.
On April 7th, the CCP’s National Development and Reform Commission announced a continued adjustment in refined oil prices, claiming that starting from 12:00 a.m. on the 8th, the prices of gasoline and diesel (standard quality) should be raised by 800 yuan and 770 yuan per ton respectively, but the actual adjustment after regulation was 420 yuan and 400 yuan.
Despite the authorities stating that they were “halving the intended increase,” it seemed to still be higher than the previous estimation of the price hike by industry insiders in China.
The CCP’s official media outlet, “First Financial,” reported on April 4th that China’s oil prices were about to see a “sixth consecutive increase”. Analysis by industry institutions estimated that the corresponding adjustment of refined oil on the 8th would be “above 350 yuan per ton”.
The report also mentioned that as of April 2nd, the average international crude oil price in this round of oil price adjustment cycle was $109.06 per barrel, representing a 2.24% increase from the previous cycle.
On the same day of the 7th, the CCP’s Shanghai Development and Reform Commission also issued a “Notice on Vehicle Gasoline and Diesel Prices”, announcing an increase in oil prices starting from 12:00 a.m. on the 8th, with the maximum retail prices per liter being 8.86 yuan for 92 gasoline, 9.43 yuan for 95 gasoline, and 8.58 yuan for 0 diesel, representing increases of 3.87%, 3.97%, and 4.13% respectively. These hikes significantly outpaced the adjustment in international crude oil prices.
Ahead of the oil price adjustment, long queues were seen at multiple gas stations in Shanghai. By the evening of the 7th, there were already long lines of vehicles waiting to refuel. Many netizens also shared their experiences of queuing for gas on social media.
Some netizens exclaimed that with the rise in oil prices, the gas stations were jammed up! Some started queuing as early as 6 p.m.
Others lamented that is everyone in Shanghai lining up for gas? They had to visit several gas stations before being able to refuel. “Passed by two gas stations, and both didn’t have any 95 gasoline left.”
Some media outlets questioned whether the CCP’s “halving of the increase” was simply playing with numbers.
It’s worth noting that while China is raising oil prices, international oil prices are experiencing a sharp decline.
According to reports from “Every Economy” website, on April 6th (Monday), Brent crude oil fell below $108 per barrel, dropping by 0.96% in a single day.
Analysis from Minsheng Observation commented that, “Under the long-standing criticism of China’s oil prices staying high under the CCP’s rule, which is indeed related to the current times of war, while international oil prices have quickly fallen back after a short-term increase, Chinese oil prices are still as rigid as the CCP bureaucrats, staying high and unmovable. The stark disconnection and misalignment between China and international oil prices reflect a profound economic exploitation and development model under the CCP’s authoritarian system, leaving Chinese people with no escape.”