Chinese consumers continue to feel the economic impact of the Russian invasion of Ukraine at the gas pumps: Thanks to rising global oil prices in the wake of the war, gasoline and diesel cost more in the People’s Republic than they have since at least 2006. As of Friday, price hikes of 110 yuan per ton of both fuels will again apply, according to the National Development and Reform Commission. Authorities had already raised prices several times since the Ukraine war began. The rise in crude oil has prompted China’s independent refiners to cut production. China’s three largest oil companies-China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China National Offshore Oil Corporation have reportedly been asked to maintain oil production and facilitate shipments to ensure a stable supply. ari
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