China sees long lines at the gas pump as Mideast turmoil hits
Panicked motorists formed long lines outside gas stations across China on Monday after receiving warnings from Chinese oil giant Sinopec about an impending price increase.
The state refinery issued a statement on Sunday that the gas price would be increased by a “meaningful” amount starting March 24.
“As soon as I got the notification, I ran out to fill up my tank!” said Beijing resident Zhou Ping as he waited in his car at a downtown gas station. he said.
Prices are predicted to rise as high as 2,205 yuan per metric ton (equivalent to about $1 per gallon).
Public panic led the country’s state planner, the National Development and Reform Commission, to halve the hike to 1,160 yuan per metric ton. For the average Chinese driver, this increase is still a significant expense. Gas in China currently costs about $4.50 a gallon.
Zhang Jiarong calculates that the price increase will cost him about $300 more per month. “This is going to have a huge impact on my life,” he told CNBC.
China controls prices at the pump. But earlier this month, officials raised the cap to the largest amount in four years due to rising oil prices triggered by the US-Israeli war against Iran.
Chinese drivers like Kitty Zhang have expressed frustration with President Donald Trump as Washington and Beijing continue to signal that an overdue summit with President Xi Jinping in China will be held later this year.
“If Trump hadn’t started a war and Israel hadn’t started a war, I wouldn’t be sitting here all day waiting for my gas, right?” he said.
