April 30, 2026 [Reuters]- China has approved 500,000 metric tons of fuel exports for May to regions other than Hong Kong, representing a near doubling of shipments forecast for April, trading sources said, but levels remain less than ​half of last year’s corresponding averages.

Beijing has clamped down on fuel exports since March to safeguard the ​domestic market from disruption in crude and fuel supply caused by the closure of ⁠the Strait of Hormuz in the U.S.-Israeli war with Iran.

Asia-Pacific nations such as Australia, Bangladesh, Cambodia, Laos, ​Maldives, Myanmar, New Zealand and Sri Lanka are expected to receive fuel from China in May, with Beijing ​designating volumes and destinations, said two of the sources who have direct knowledge of the matter.

The National Development and Reform Commission and Ministry of Commerce did not immediately respond to requests for comment.

Last year, China exported a monthly average of ​about 1.6 million tons of gasoline, diesel and jet fuel to regions beyond Hong Kong, Kpler shiptracking ​data showed.

The small increases in shipments followed lobbying by state refiners to resume some overseas sales to capture robust export ‌margins ⁠for all three fuels as surging crude costs and lagging Chinese pump fuel prices weigh on domestic processing margins, the sources said.

More than half of the 500,000 tons approved was allotted to top refiner Sinopec, while PetroChina was allowed to ship 150,000 tons and CNOOC 40,000 tons, said one of the two sources ​and two separate industry ​sources.

Diesel and jet fuel ⁠are likely to make up at least 40% of the volume, one of the sources added.

All the sources spoke on condition of anonymity as they were ​not authorised to speak to media.

Export margins for gasoline and diesel averaged 2,000 ​yuan ($292.58) per ton ⁠and 4,000 yuan per ton in the past week for China exporters, according to calculations from two separate China-based industry sources.

Diesel refining margins in Asia were at $55 a barrel as of April 29, while those for ⁠jet fuel ​and gasoline stood at $62 a barrel and $15 a barrel respectively.