 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
China stresses price stability after fuel hikes: official
Shanghai (AFP) June 23, 2008 China's top economic planner has urged local authorities to ensure goods prices remain stable after the government hiked fuel prices by as much as 18 percent. The National Development and Reform Commission said in a statement on its website that local officials should closely monitor liquefied petroleum gas and natural gas, whose prices were not increased. Local governments should also encourage producers to cut their costs rather than pass on rising prices to consumers, according to the statement, which was posted over the weekend. Inflation has emerged as a top policy concern in Beijing, with increases in the consumer price index near 12-year highs. China's inflation rate was 7.7 percent in May, easing only slightly from April's 8.5 percent, according to previously released data. Analysts have said they expect manufacturers will be able to absorb the higher fuel costs in the short term. Public transport fares including for buses, taxis and the railway should not be raised for the time being, and more subsidies should be allocated to taxis to cover losses incurred from rising fuel costs, the statement said. Beijing announced retail petrol and diesel price hikes on Thursday as it seeks to close the gap between state-set domestic caps and soaring world oil costs. China's oil giants saw little incentive to increase production to meet surging demand as they were said to be selling refined products at a loss, although it remains unclear if the price hikes have put them in the black. But economists said the hikes should prevent shortages as the country prepares to host the Olympics in August. Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links
Orbital To Establish New Test Facility For Heavy Duty Engines
Perth, Australia (SPX) Jun 23, 2008Orbital is to construct and operate a heavy duty engine test facility after securing Australian Federal Government support. The new facility will be capable of operating engines on Natural Gas, LPG and Biodiesel as well as Diesel and Gasoline. |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook