China will increase retail prices for gasoline and diesel starting March 10, 2026, as global oil markets face renewed volatility. The National Development and Reform Commission (NDRC) confirmed the adjustment late Monday, with prices rising by 695 yuan ($100.5) and 670 yuan per tonne respectively.
The move follows a 15% surge in international crude oil benchmarks this month, driven by escalating tensions in Middle Eastern oil-producing regions. Analysts suggest this marks the sharpest single-month price increase since early 2025.
NDRC officials emphasized coordinated measures to maintain market stability, directing China's three major state-owned energy giants – China National Petroleum Corporation, China Petrochemical Corporation, and China National Offshore Oil Corporation – to maximize production efficiency and distribution capacity.
Local authorities across the Chinese mainland have been instructed to intensify market inspections, targeting potential price manipulation or violations of national pricing policies. This comes as transportation and logistics sectors prepare for anticipated operational cost increases.
While the price adjustment reflects current global market conditions, the NDRC's price monitoring center warned that Middle Eastern geopolitical developments will likely continue influencing oil markets through Q2 2026. Energy analysts suggest consumers might see temporary fuel cost impacts before market stabilization measures take full effect.
