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Video. Oil prices: Drivers rush to fill tanks in China before fuel price hike

Updated:

Drivers queued at petrol stations in Nanjing ahead of a nationwide fuel price increase set to take effect at midnight as global oil prices surged above $100 per barrel.

Drivers in Nanjing, eastern China, rushed to fill their tanks before a nationwide fuel price hike announced by authorities takes effect at midnight.

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Images showed long queues of vehicles at petrol stations as motorists tried to refuel before the increase.

The price rise, equivalent to about $3.75 for a 50-litre tank, comes as global oil prices surge past $100 per barrel for the first time since Russia’s invasion of Ukraine in 2022.

On Tuesday morning, Asian shares rebounded from their sharp declines a day before as global investors wagered that the war with Iran may not last too long.

But the gains fell far short of losses Monday, when oil prices neared $120 per barrel before falling back to about $90.

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