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Oil Price Hike Based on Careful Considerations
    2008-06-22 14:50:39     CRIENGLISH.com
China's top economic planner has raised the prices of gasoline and diesel by 1,000 yuan, or over 140 US dollars, per ton, starting from Friday.

The National Development and Reform Commission made the decision amidst some accusations of China's slow actions to adjust the oil prices in the domestic market.

An article in the Beijing Youth Daily points out that the new policy is based on careful consideration of the overall economic situation.

It cites an economic expert as saying that China cannot adopt the policy of letting the prices of fuel fluctuate merely based on demand and supply in the market.

The expert points out that the oil policy should facilitate the development of industries providing public services. In addition, haste in raising oil and electricity prices may cause price explosions. As a result, people are likely to suffer high costs of living and the economy might undergo fluctuations.

In response, the government decided to keep the prices unchanged of household consumed natural gas and electricity. Moreover, the government will provide subsidies to agriculture and grain farmers for smooth production.

In conclusion, the article stresses that the new price rise is based on careful considerations and will be beneficial to economic development and people's lives.


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