China has increased petrol prices 10 times this year due to rising cost of crude oil, indirectly filtering into daily lives and forcing authorities to rethink energy strategies.
China is expected to absorb incremental amounts of Russian oil following an import ban imposed by the United States and Britain, but its ability and willingness to do so depends on the time frame, analysts say.
China’s producer price index (PPI) growth rose at the slowest pace in eight months in February, but rising commodity prices as a result of Russia’s invasion of Ukraine have started to filter through.