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China Cuts Fuel Price Hikes as Global Energy Crisis Intensifies. China is scaling back planned fuel price increases in an effort to ease pressure on drivers as global energy costs surge. Petrol prices in the country have already jumped around 20% since the Iran conflict disrupted oil flows through the Strait of Hormuz, a key global shipping route. Authorities had planned a sharp increase in fuel prices, but the government stepped in to nearly halve the hike, aiming to reduce the burden on consumers and stabilize the economy. Despite holding massive oil reserves, China is taking a cautious approach, even ordering some refineries to pause fuel exports to protect domestic supply. The impact is already visible, with long lines forming at petrol stations and some running out of fuel. Across Asia, other countries are also scrambling to cope. Some have introduced shorter work weeks, remote work policies, and even transport strikes as fuel costs rise. As the crisis deepens, governments across the region are racing to balance energy security with economic stability.
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