China’s National Development and Reform Commission (NDRC) 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 seven percent.
The increase marks the largest single adjustment since March 2022, according to Chinese media National Business Daily (NBD). Since Jan. 20, China has raised fuel prices four times—on Jan. 20, Feb. 3, Feb. 24, and the latest adjustment.
Long Lines at Gas Stations
As prices climbed, drivers in several regions in China reported long lines at gas stations.The Epoch Times spoke to several residents across China who requested anonymity due to fears of reprisal.
A resident in Heilongjiang Province told The Epoch 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 [and wait in line],” 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 Henan Province, another resident told The Epoch 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 nonstop as pumps remained fully occupied.
On March 13, President Donald Trump referenced reports of fuel shortages in China during an interview on “The Brian Kilmeade Show.”
Shrinking Profit for Gas Stations
Despite higher prices, some fuel retailers in China say they are facing shrinking profit margins.According to Sublime China Information’s data model, theoretical profit margins for major distributors of diesel had fallen to about 666 yuan (approximately $97) per ton as of March 6, down nearly 59 percent from the previous period. Profit margins for gasoline and diesel at independent refineries also declined significantly.