China raises gasoline, diesel prices by 395 and 385 yuan per tonne

The notable detail is not the increase itself but the cap: the NDRC says the mechanism would have delivered roughly double the adjustment, yet it held the pass-through to regulated levels. That signals the pricing formula is being subordinated to smoothing domestic fuel costs rather than tracking crude moves mechanically. The open question is whether this gap between formula and practice persists — and whether it widens if crude stays elevated, since repeated capping would shift the burden onto refiners' margins rather than consumers.