Summary
China adjusted its planned fuel price increases to help drivers deal with higher energy costs. This change comes as oil prices rise due to the Iran war, affecting global oil supply. Many people in China rely on petrol and diesel for transportation.
Key Facts
- China reduced its planned fuel price increases by nearly half.
- Petrol prices in China rose about 20% since the Iran conflict started.
- The Strait of Hormuz, an important oil shipping route, is affected by the Iran war.
- Over 300 million cars in China use petrol or diesel.
- The National Development and Reform Commission in China adjusts fuel prices every 10 days.
- China bought 16% more crude oil in early 2023 compared to the same period in 2022.
- China has about 900 million barrels of oil reserves.
- Other Asian countries are also taking steps to handle rising fuel costs, like reducing workdays or encouraging work from home.
