China will raise the price of gasoline by 165 yuan ($23.81) per ton and diesel by 160 yuan per ton on Friday at midnight, said a statement on the website of the National Development and Reform Commission (NDRC), the top planning agency in China.
(File Photo: VCG)
The NDRC price monitoring center found that the international price of oil rose and fell from September 30 to October 18, for an average rise compared with the previous price adjustment period. The monitoring center expects that the upcoming US sanctions on Iran will remain a major factor affecting the global crude oil market in the short term. The decline in Iranian crude oil exports is the focus of the market.
Due to factors that may influence the global economy including trade tensions and US tariff increases, the International Monetary Fund (IMF) lowered its global economic growth forecast recently. The IMF expects the global economic growth rate to be 3.7 percent, down from the previous forecast of 3.9 percent in July. This has caused the market to worry about a decline in global demand for crude oil.