China's state planner says domestic gasoline and diesel prices will rise by CNY 685 and CNY 655 per tonne, respectively, effective from midnight on July 31, citing higher international oil prices

This is the NDRC's routine domestic fuel price adjustment, a mechanism that revises gasoline and diesel ceiling prices at roughly fortnightly intervals when the trailing average of international crude benchmarks moves beyond a set threshold. Increases of this kind are therefore a lagging confirmation of the recent run in crude rather than new information, and the size of the adjustment simply reflects how far the reference basket has moved over the pricing window. The mechanism has asymmetric features worth noting: adjustments are suspended when international prices sit outside a defined band, so sustained moves at extremes have historically broken the mechanical pass-through. The demand-side read-through runs through Chinese refining margins and product export quotas rather than the pump price itself, since state-set retail prices squeeze or widen the spread refiners capture. Follow-ons are the next pricing window outcome, any NDRC commentary on the adjustment cycle, and whether the move feeds into the monthly Chinese inflation prints via the transport component.