Domestic Fuel Prices See Largest Increase of the Year

[Policy Adjustment] Domestic refined oil prices will rise effective 24:00 on March 9, marking the largest increase since 2026.

Key Developments: Gasoline and diesel prices up by CNY 500 per ton, nearing the CNY 8 per liter threshold

The CNY 500/ton increase translates to a rise of CNY 0.39, CNY 0.41, and CNY 0.42 per liter for Grade 92 gasoline, Grade 95 gasoline, and Grade 0 diesel, respectively. In Beijing, Grade 95 gasoline will climb from CNY 7.53/liter to CNY 7.94/liter, approaching the CNY 8 mark. Filling a 50-liter tank of Grade 92 gasoline will now cost CNY 19.5 more.

Strategic Drivers: Middle East conflicts push global oil prices higher

Amid escalating tensions involving the U.S., Israel, and Iran, WTI crude oil briefly surged past USD 110 per barrel, registering a weekly gain of 35.6%; Brent crude rose by 27.88% cumulatively. Kuwait has cut production citing "force majeure," potentially creating a global supply shortfall of 7–11 million barrels per day.

Industry Impact: Fourth consecutive price hike this year intensifies vehicle operating costs

Since the beginning of 2026, China’s fuel pricing mechanism has undergone four adjustment cycles, resulting in “three increases and one suspension.” If implemented, this latest adjustment will mark the fourth consecutive increase, raising Grade 92 gasoline prices by a cumulative CNY 0.56 per liter, significantly increasing long-term costs for vehicle owners.