China Raises Fuel Price Caps Again as Iran War Keeps Oil Markets on Edge

in the latest hike of the maximum retail prices for domestic fuel since the Iran war led to surging oil prices. China will now increase the maximum retail price of gasoline by $11.03 (75 Chinese yuan) per metric ton as of Friday, according to a notice by the state planner. The cap on China’s retail diesel prices will be raised by $10.29 (70 yuan) per ton, the authorities said. Unlike another major Asian oil consumer, India, which only started raising domestic fuel prices last week, China has made several upward adjustments to the ceiling…