China will raise retail prices of gasoline and diesel starting Saturday, reflecting recent changes in international oil prices, the country's top economic planner said Friday. The National Development and Reform Commission confirmed that gasoline prices will increase by 320 yuan (about $47) per tonne and diesel by 310 yuan per tonne. Filling a 50-liter tank with the most common gasoline will cost drivers about 12.5 yuan more.

The increase comes amid uncertainty due to the Middle East conflict and disruptions in the Strait of Hormuz, through which one-fifth of global oil supplies typically pass. However, tensions between Iran and the US have begun to ease, and the UAE has left OPEC, after which OPEC announced a production increase of 188,000 barrels per day in June.

Despite this, current crude supply faces a serious deficit, affecting many industries — including aviation, where airlines have canceled approximately 75,000 summer flights. Analysts say international oil prices may remain volatile in the short term. According to analyst Zhang Jinyi (SCI99) (China's leading commodity market intelligence and data analytics firm), even if the Strait of Hormuz reopens, only 70% of production levels will be restored after three months.