China's fuel prices surge as war in Iran disrupts oil supplies
The war in Iran is affecting Chinese consumers as fuel prices have surged sharply despite government intervention.Petrol and diesel costs rose by their steepest margin in decades after China reviewed price caps twice since the conflict began. Beijing has limited fuel exports and is holding back its strategic reserves, estimated at more than 900 million barrels.
Around 40 percent of China's crude oil supply passed through the Strait of Hormuz before the war.
The price hikes have driven increased interest in electric vehicles, with shares in major EV and battery companies rising since the conflict started.
Al Jazeera's Katrina Yu reports from Beijing, China.
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