To reduce the consequences of the Iran war, China limited the increase in gasoline and diesel prices.
The Chinese government announced that it would raise the prices of gasoline and diesel in the domestic market, but to reduce the pressure caused by the increase in global oil prices following the Iran war, it limited the amount of this increase.
According to Reuters, China's National Development and Reform Commission announced on Thursday that starting Oct. 30, the price of each ton of gasoline will rise by 345 yuan, equivalent to about $52, and the price of each ton of diesel will rise by 335 yuan.
According to China's normal fuel pricing mechanism, the price of gasoline should have increased by 440 yuan and diesel by 420 yuan per ton, but the government decided to reduce the economic consequences of the Iran war by raising prices below the set amount.