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Story summary
- The National Development and Reform Commission (NDRC) capped gasoline and diesel prices at 1,160 yuan per ton and 1,115 yuan per ton, saving about 0.85 yuan per liter.
- Starting March 24, gasoline rises to $4.70 per gallon, a smaller increase than planned, as global oil prices surge due to conflicts in the Middle East.
- The move marks the first use of the pricing mechanism established in 2013, reflecting inflation and economic stability concerns.
