China's fuel price hike triggers gas lines as global oil prices climb.
China raised domestic fuel prices for the fourth time this year as global crude prices
surged amid the Iran war. Increasing costs for drivers and truckers and triggering long lines
at gas stations in parts of the country. China's National Development and Reform Commission
announced that retail gasoline and diesel prices would rise starting midnight on March 10.
In China, the fuel prices are set by the Commission, the regime's top economic planning agency.
Under the new pricing scheme, gasoline prices increased by about 7%.
The increase marks the largest single adjustment since March 2022,
according to Chinese media national business daily. Since January 20, China has raised fuel
prices four times on January 20, February 3, February 24, and the latest adjustment.
The price hikes follow a sharp rise in global crude prices. US light crude futures for April
delivery on the New York Morecantile Exchange briefly approached $120 per barrel on March 9,
up more than 30%. Long lines at gas stations as prices climbed, drivers in several regions in
China reported long lines at gas stations. The epic times spoke to several residents across China
who requested anonymity due to fears of reprisal. A resident in halonging province
told the epic times that farmers relying on fuel for agricultural machinery have struggled to
buy gasoline amid the surge in demand. There are too many people at the gas station,
and we have to queue to take a number. The resident said,
you line up one day and sometimes only get fuel the next day.
The resident said locals typically fill up fuel barrels in addition to their vehicles.
In Hunan province, another resident told the epic times that gas stations were crowded throughout
the day. You can't even get into the line here," the resident said.
There are long queues both in the morning and afternoon. Chinese media outlet Kaiping News reported
that vehicles have lined up outside a gas station in Kunming, China. On the evening of March 9,
with staff working non-stop as pumps remained fully occupied. On March 13,
President Donald Trump referenced reports of fuel shortages in China during an interview
on the Brian Kilmead show. The reports are correct about the long lines. Trump said,
shrinking profit for gas stations. Despite higher prices, some fuel retailers in China say they are
facing shrinking profit margins. Analysts at sublime China information said wholesale prices for
gasoline and diesel have surged along with crude oil costs. While retail prices remain capped
under China's pricing system, according to Chinese media NBD, the result has been a sharp
narrowing of the gap between wholesale and retail prices. According to sublime China
information's data model, theoretical profit margins for major distributors of diesel had fallen
to about 666 yuan per tonne as of March 6, down nearly 59 percent from the previous period.
Profit margins for gasoline and diesel at independent refineries also declined significantly.
The international energy agency said on March 12 that the war in Iran is causing the largest
supply disruption in the history of the global oil market. Yang Shu and Gu Xiaohua contributed to this
