China's Oil Prices Rise for 6th Consecutive Time, Queues at Shanghai Gas Stations

China's oil prices are adjusted every 10 working days, with 25 adjustment days in total this year. The latest announced adjustment day was the 7th. China's National Development and Reform Commission announced on the 7th that oil prices would rise and continue to be regulated. The National Development and Reform Commission stated that international crude oil prices have fluctuated significantly, and to mitigate the impact of rising oil prices, the prices of refined oil products will continue to be regulated. Starting at 24:00 on the 7th (0:00 on the 8th), the prices of gasoline and diesel (standard products) per metric ton should be increased by 800 yuan and 770 yuan respectively; after regulation, the actual increase will be 420 yuan and 400 yuan. The Shanghai Development and Reform Commission issued a "Notice on Vehicle Gasoline and Diesel Prices" on the 7th, announcing that oil prices would be raised starting at 24:00 on the 7th. The maximum retail price for 92-octane gasoline will be 8.86 yuan per liter, 95-octane gasoline will be 9.43 yuan per liter, and 0-grade diesel will be 8.58 yuan per liter. The previous oil price adjustment in Shanghai (starting at 0:00 on March 23) saw an increase of 12%, while this wave of increases is significantly smaller. This wave of oil price adjustments in Shanghai will increase the maximum retail price of 92-octane gasoline by 0.33 yuan from 8.53 yuan, an increase of about 3.87%; 95-octane gasoline by 0.36 yuan from 9.07 yuan, an increase of about 3.97%; and 0-grade diesel by 0.34 yuan from 8.24 yuan, an increase of about 4.13%. At a gas station in Shanghai around 6 PM on the 7th, vehicles were seen queuing for refueling. On-site staff stated that it was "definitely" due to rush hour combined with the eve of the oil price increase. China's oil prices have risen for 6 consecutive times this year, and the next oil price adjustment announcement day is the 21st. (Editor: Chiu Kuo-chiang) 1150407