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Euronews
euronews

Oil prices: Drivers rush to fill tanks in China before fuel price hike

Drivers in Nanjing, eastern China, rushed to fill their tanks before a nationwide fuel price hike announced by authorities takes effect at midnight.

Images showed long queues of vehicles at petrol stations as motorists tried to refuel before the increase.

The price rise, equivalent to about $3.75 for a 50-litre tank, comes as global oil prices surge past $100 per barrel for the first time since Russia’s invasion of Ukraine in 2022.

On Tuesday morning, Asian shares rebounded from their sharp declines a day before as global investors wagered that the war with Iran may not last too long.

But the gains fell far short of losses Monday, when oil prices neared $120 per barrel before falling back to about $90.

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