Back to today’s briefing

Story perspectives

China Cuts Fuel Price Hikes Amid Soaring Oil Costs

3/24/2026

41 8 Full Breakdown

Center

China Eases Fuel Hikes

China has reduced planned fuel price hikes to ease drivers' burden.
Petrol prices will increase by nearly half of the initially planned amount, reflecting a 20% surge since the conflict began.
Brent crude oil prices have risen above $100 per barrel after fluctuating amid conflicting reports about U.S.-Iran talks.
Japan is experiencing record gasoline prices.
South Korea is cutting back on vehicle use in public institutions.

Left

Japan Releases Oil Reserves

In March 2026, Japan announced its largest emergency oil reserve release in history.
The government plans to sell about 80 million barrels, equivalent to 45 days of domestic demand.
The move comes amid the Iran war and the closure of the Strait of Hormuz.
Experts warn the measure may not fix Japan's reliance on oil imports or structural economic problems.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to Western support for Israel during the Yom Kippur War. This led to a dramatic increase in oil prices, from $3 to $12 per barrel, severely impacting economies reliant on oil imports, notably Japan, which imported 90% of its oil from the Middle East.

1 of 3

China Eases Fuel Hikes

China has reduced planned fuel price hikes to ease drivers' burden.
Petrol prices will increase by nearly half of the initially planned amount, reflecting a 20% surge since the conflict began.
Brent crude oil prices have risen above $100 per barrel after fluctuating amid conflicting reports about U.S.-Iran talks.
Japan is experiencing record gasoline prices.
South Korea is cutting back on vehicle use in public institutions.

1 / 3