China limits fuel price hikes as oil costs surge
The Straits Times
Global oil prices have soared as conflict in the Middle East has centred around the Strait of Hormuz. Read more at straitstimes.com.
BEIJING – China has limited the amount by which the country’s fuel costs can rise, the government announced on March 23, to mitigate surging oil prices amid a war in the Middle East.
Global oil prices have soared as the war between the US, Israel and Iran has centred on the Strait of Hormuz, through which around 20 per cent of the world’s oil and gas shipments normally transit.
“To mitigate the impact of abnormal increases in international oil prices, ease the burden on downstream users and ensure stable economic operations and public welfare, temporary regulatory measures have been adopted,” China’s state planner said in a statement.
The National Development and Reform Commission (NDRC) said it will hike the maximum retail prices for petrol and diesel by 1,160 yuan (S$215) and 1,115 yuan per metric tonne, respectively, starting from midnight.
The increase is around half of what it would have been under the government’s pricing mechanism, which would have seen petrol and diesel prices raised by 2,205 yuan and 2,120 yuan per metric tonne, respectively, it added.
The NDRC routinely reviews petrol and diesel prices and makes adjustments based on factors such as global crude prices.
BERLIN, March 23 - The leaders of Germany's centre-left Social Democrats (SPD) said on Monday the party needed to push ahead with promised reforms to tax and social welfare following the \"catastrophic\" loss in the state election in Rhineland-Palatinate at the weekend. Read more at straitstimes.com.
BUDAPEST, March 23 - Hungarian Prime Minister Viktor Orban ordered a probe on Monday into what he called a wiretapping of his foreign minister as his government sought to deal with the fallout from a media report about its links to Russia before an April election. Read more at straitstimes.com.
Explore how China leverages AI and digital innovation to enhance its soft power through cultural exports like video games and online literature. Read more at straitstimes.com.
The policy could save 20 per cent on fuel purchases, which has spiked since the Middle East war. Read more at straitstimes.com.
COPENHAGEN, March 23 - Denmark holds an election on Tuesday, with opinion polls showing a narrow lead for Prime Minister Mette Frederiksen's centre-left bloc, boosted by her defiant stand against U.S. President Donald Trump's push to take control of Greenland. Read more at straitstimes.com.
Anyone who fails to comply faces a year in prison and a fine of HK$100,000 (S$16,400). Read more at straitstimes.com.
LJUBLJANA, March 23 - Slovenia's political parties looked set for urgent coalition talks on Monday after no clear winner emerged from an election that could sway the Alpine country's domestic and foreign agenda. Read more at straitstimes.com.
MOSCOW, March 23 - U.S.-Israeli strikes near the Bushehr nuclear power plant in Iran are extremely dangerous and Russia has shared its concerns with the United States, Kremlin spokesman Dmitry Peskov said on Monday. Read more at straitstimes.com.
LONDON, March 23 - When Sarah Mullally is enthroned as the Church of England's first female Archbishop of Canterbury on Wednesday, she will inherit a task that has eluded her predecessors: uniting a divided 85-million-strong global Anglican Communion. Read more at straitstimes.com.
There are indications that the Arab stance against the Islamic republic is hardening. Read more at straitstimes.com.
PARIS, March 23 - Lionel Jospin, Socialist prime minister of France from 1997 to 2002, has died. Read more at straitstimes.com.
DUBAI, March 23 - At least five people have died in Oman over the past 24 hours after vehicles were swept away by floodwaters, authorities said on Monday. Read more at straitstimes.com.
About 6,700 police officers, 10,000 public officials and 4,800 safety personnel were deployed. Read more at straitstimes.com.