China raises gasoline and diesel price caps again, leaving fuel 14 to 15 percent above pre war levels

China raised its retail price caps for gasoline and diesel again from Saturday 1 August 2026. According to the country's National Development and Reform Commission, the gasoline cap rises by 685 yuan per tonne and the diesel cap by 655 yuan per tonne.

This is the second fuel price increase in less than a month. As a result, China's official fuel prices are now roughly 14 to 15 percent above their last level before the start of the US war against Iran.

The decision matters for Iranian markets because China is the world's largest oil importer. The arrival of the crude price surge, driven by regional tensions, in China's own domestic consumer market shows that the price shock has now passed from the global market through to the largest buyer of oil.