At 24:00 on February 3, 2026, China's latest round of refined oil price adjustments officially took effect, with gasoline and diesel prices uniformly raised by 190 yuan per ton. This marks the second price hike of 2026, achieving two consecutive increases within the year. Vehicle owners will see a slight rise in usage costs before the Spring Festival, while logistics transportation expenses will also increase marginally.

Following this adjustment, the nationwide retail price increases for refined oil products by category are as follows: For a typical family sedan with a 50-liter fuel tank, filling up with 92-octane gasoline will cost an additional 7-8 yuan, while 95-octane gasoline will cost 7.5-8.5 yuan more. For a household vehicle traveling 2,000 kilometers monthly with a fuel consumption of 8 liters per 100 kilometers, monthly fuel costs will increase by over 25 yuan.

The impact is more pronounced in the logistics and freight sector. For heavy-duty diesel trucks with a fuel consumption of 35 liters per 100 kilometers, fuel costs will rise by over 60 yuan per 1,000 kilometers driven. Subsequent increases in transportation costs may gradually be passed on to daily consumer goods. This adjustment also marks the final domestic fuel price change before the Spring Festival, with prices remaining stable throughout the holiday period.

The core driver behind this price hike is temporary supply constraints in the international crude oil market. Escalating geopolitical tensions in the Middle East have boosted crude oil's geopolitical premium. Compounded by severe cold weather in the U.S. disrupting production and slower-than-expected recovery at Kazakh oil fields, international oil prices have risen steadily throughout this pricing cycle. Brent crude has even surpassed the $70 per barrel threshold, hitting a four-month high. The domestic crude oil price change rate has consistently expanded positively, ultimately driving this adjustment.

Domestic refined oil products follow a “ten-working-day adjustment” mechanism. This pricing cycle began on January 21, with the increase far exceeding the 50 yuan per ton adjustment threshold, making the price hike inevitable. The January 6th adjustment was suspended due to insufficient magnitude, while the first increase of the year (85 yuan per ton) was implemented on January 20th. Following this adjustment, the next pricing window will open at 24:00 on February 24th, with future price trends determined by subsequent international crude oil movements.

Currently, gas stations nationwide will continue to charge pre-adjustment prices until 24:00 on February 3. Drivers planning self-drive trips home or Spring Festival travel are advised to fill up before the price change to avoid late-night queues during the transition period. Additionally, leveraging market-based benefits such as oil company membership discounts and bank credit card spending thresholds can further reduce fuel costs.

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