economy
China sees long lines at the gas pump as Mideast turmoil hits
The China state refiner issued a notice Sunday that the price of gas will be set higher by a "meaningful" amount starting March 24.
TL;DR
- Drivers formed long queues at gas stations across China following a Sinopec notice about a pending price hike.
- Sinopec initially announced a "meaningful" price increase effective March 24.
- The National Development and Reform Commission reduced the hike from 2,205 yuan to 1,160 yuan per metric ton.
- The increase is still considered significant for average Chinese drivers, with gas prices in China currently around $4.50 per gallon.
- Drivers expressed frustration, linking the gas price increase to the U.S.-Israeli conflict in Iran and its impact on global oil prices.
- China controls prices at the pump, with a recent ceiling increase being the largest in four years.