China has raised the price of gasoline to 750 yuan (US$118.2) per ton and diesel to 720 yuan per ton. An average car owner with a 50-liter tank will spend 29 yuan more filling up the tank. Since December, the price of refined oil has risen six times.
The crude oil price climbed as high as US$139 per barrel last week, a 14-year-high, due to the conflict between Ukraine and Russia and fell to US$98.02 on Thursday, as the US continued to release reserves.
Oil refineries in China have reduced production as their margins fall and costs rise.
