Panicked drivers lined up in long queues outside gas stations across China on Monday after receiving an alert from Chinese oil giant Sinopec about a pending price hike.
The state refiner issued a notice Sunday that the price of gas will be set higher by a “meaningful” amount starting March 24.
“As soon as I got the notice, I ran out to fill my tank,” Zhou Ping, a Beijing resident, said while waiting in her car at a gas station downtown.
Prices were tipped to go up to 2,205 yuan per metric ton — the equivalent of about $1 per gallon.
Public panic prompted the country’s state planner, the National Development and Reform Commission, to cut the hike to 1,160 yuan per metric ton. For the average Chinese driver, the increase is still a significant expense. Gas in China currently costs about $4.50 per gallon.
