On the eve of the Mid-Autumn Festival holiday, mainland China raised the prices of gasoline and diesel starting from midnight on September 25th. For a full tank of 50 liters of 92-octane gasoline, car owners will spend around 15 yuan more, leading to increased fuel expenses for freight vehicles as well.
According to a report from “First Financial,” the prices of gasoline and diesel have been increased by 395 yuan and 385 yuan per ton respectively.
The information service institution for the mainland’s energy and chemical market, “Longzhong Information,” calculated that after conversion per liter, the prices of 92-octane gasoline increased by about 0.30 yuan, 95-octane gasoline by about 0.32 yuan, and 0-grade diesel by about 0.33 yuan.
The announced price adjustments per liter vary slightly across different regions. Taking the highest retail price published in Beijing as an example, the price of 92-octane gasoline rose from 8.29 yuan to 8.61 yuan per liter, an increase of 0.32 yuan; while the price of 95-octane gasoline increased from 8.83 yuan to 9.17 yuan, a rise of 0.34 yuan.
This marks the 13th price hike for refined oil products in China this year.
Longzhong Information estimates that based on a fuel consumption rate of 7 to 8 liters per hundred kilometers within the city, after this price adjustment, the fuel cost for private cars will increase by around 2.2 yuan for every 100 kilometers traveled. For a large freight truck carrying 50 tons and traveling 100 kilometers, the fuel cost is estimated to increase by approximately 13.2 yuan.
The bulk commodity market information service institution, “Zhuochuang Information,” also estimates that for a heavy-duty truck that travels 10,000 kilometers per month and consumes 38 liters per hundred kilometers, the fuel expenses for each vehicle will increase by approximately 878 yuan from this price adjustment until the next one, which is scheduled for October 15th.
The timing of this oil price hike coincides with the Mid-Autumn Festival holiday. During this Mid-Autumn Festival, toll fees will not be waived on mainland China’s expressways, so vehicle owners choosing to travel on toll roads still need to pay tolls.
Wang Xueqin, an oil analyst at Zhuochuang Information, mentioned that factors such as the tense situation in the Hormuz Strait and the disruption of the Saudi Red Sea crude oil pipeline have increased supply risks, causing international oil prices to briefly reach a four-month high. Although oil prices have since fallen, the average price of crude oil during this pricing cycle has still risen, leading to the increase in gasoline and diesel prices in mainland China.
Regarding the next price adjustment, Li Yan, an analyst at Longzhong Information, predicts that with recent international oil price decreases, there is a higher likelihood of a decrease in the prices of gasoline and diesel in the next round of adjustments.
These related developments have sparked discussions among netizens. One Weibo user commented, “The timing of this oil price hike is so coincidental.” Another netizen stated that fuel costs are a fixed expense for daily commuting, and that “even a slight increase adds up, becoming a significant burden over a month.”