Home Business Politics Life Culture��Edu Sci��Tech Sports Photos
��Search
China Observer
�� More Chinese prefer to save than spend
Photos
�� Miao ethnic costumes become school uniform
�� Mary Ma's fashion show
�� Wheelchair-bound emcee
��Home>>Business
China raises processed oil prices
www.chinanews.cn 2006-03-26 15:55:19
(Source: Xinhua)
A Chinese worker changes a price tag of the oil price board at a gas
station in China's capital Beijing March 26, 2006. (Photo: Reuters)
BEIJING, Mar.26 - China announced Sunday its decision to lift the prices
of processed oil as of March 26 while setting up a mechanism to offer
some subsidies to disadvantaged communities and public service sectors.
In a circular made public Sunday, the State Development and Reform
Commission, which regulates energy prices, said the producer prices of
gasoline will be raised by 300 yuan (37.5 U.S. dollars) per ton while
that of diesel oil will be up by 200 yuan per ton.
To offset the impact of the price hikes to communities sensitiveto higher
prices, the commission said China's State Council has decided to launch a
mechanism to subsidize some of the communitiesand public service sectors.
The recipients of the subsidies include grain growers, fishermen and
fishing firms operating and farming offshore or in inland areas, using
oil-driven fishing boats, state-owned forestryenterprises and nurseries
of forestry centers, urban public transportation firms, said the
commission.
It said the government will pay the unspecified amount of subsidies
directly to grain growers to mitigate the impact of the price hikes of
diesel oil and chemical fertilizers and other agricultural production
materials.
For operators of rural passenger shipping business, the commission said
the government will reduce the impact mainly through such measures as
adjusting the charges of transportation, and offer proper amount of
subsidies to those in difficulty.
The commission said local governments will offset the increasedfinancial
burden on taxi drivers in the urban areas mainly throughreadjusting the
charges of transportation and imposing surcharge on fuel oil.
It said local governments may offer provisional subsidies to taxi drivers
in the urban areas if they are unable to readjust thecharges in the
immediate future.
The Chinese Government has ordered various localities and government
departments to implement the measures on subsides whileprice regulators
at various levels should improve inspection and supervision of prices of
processed oil to maintain the stability of the oil prices.
Energy sector is one of the very few areas that Chinese Government has
yet liberalize price control since China began to build a market economy.
The commission said China's current prices of processed oil are far below
that on the international market, which is not helpful to oil refineries
in China, to ensuring adequate supplies and to improving energy
efficiencies, thus having negative impact on the stable operation of the
economy.
Prior to the price hikes, the retail prices of domestically processed oil
is about 43 U.S. dollars, while that of crude oil onthe international
market stands at around 60 U.S. dollars, an official with the commission
said in an interview with the press.
The artificially lower prices have resulted in heavy losses of domestic
refineries and made it difficult for the oil sector to ensure domestic
supplies.
The central government has been slow in raising processed oil prices in
the past two years to reduce the impact of higher oil prices on the
disadvantaged communities and public service sectors,said the official.
The official said imported oil accounts for over 40 percent of the
country's oil consumption, and changing oil prices on the international
market are having growing impact on domestic oil market and prices.
��China to invest $22.5b in oil refining sector
��China to add oil refining capacity by 90 mln tons by 2010
��China has no empty oil tank at present
��China to legislate for oil reserve
��China oil reserve base program in full swing
��China building 1st coal-to-oil refinery
��Dependence on oil needs to be cut
��Crude oil prices fall to 4-month low
Copyright� 2004 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service
Learning Materials, Mandarin audio lessons, Chinese writing lessons, Chinese vocabulary lists, About chinese characters, News in Chinese, Go to China, Travel to China, Study in China, Teach in China, Dictionaries, Learn Chinese Painting, Your name in Chinese, Chinese calligraphy, Chinese songs, Chinese proverbs, Chinese poetry, Chinese tattoo, Beijing 2008 Olympics, Mandarin Phrasebook, Chinese editor, Pinyin editor, China Travel, Travel to Beijing, Travel to Tibet
No comments:
Post a Comment