RSSNewsletterSiteMapFeedback

Home · Weather · Forum · Learning Chinese · Jobs · Shopping
Search This Site
China | International | Business | Government | Environment | Olympics/Sports | Travel/Living in China | Culture/Entertainment | Books & Magazines | Health
Home / Business / Energy Tools: Save | Print | E-mail | Most Read | Comment
Reformers battle global oil price tide
Adjust font size:

Policymakers working to determine when to close the gap between the comparatively lower prices of refined oil products in China and those on the international market have been struggling with the record-setting global price.

At the beginning of January, oil was selling for $100 a barrel.

When it rose to $90 a barrel, a spokesman for the National Development and Reform Commission (NDRC) said the ministry-level body was in a "difficult situation" reforming the country's energy and resources pricing system.

The price of crude oil in China is set by the global market, but the refined price is still regulated by the government.

"The timing is not good because China is already in a high-inflation cycle," an NDRC spokesman said, adding that curbing inflation is a priority this year.

Analysts said it is unlikely that the government will raise the prices of refined oil products. They said the central government will continue to subsidize refiners, which have run at a loss for years due to higher import costs.

Lin Boqing, director of the China Center for Energy Economics Research at Xiamen University, said energy pricing reform, especially for refined oil products, should continue and that the government has said repeatedly "it is necessary to reform the pricing mechanism of resource products to improve efficiency".

"But reform should be carried out at the right time, with due consideration for all concerned," Lin said.

He said low energy prices had increased the competitiveness of high-energy-consuming, high-polluting and resource-based industries, enlarged trade surpluses and exacerbated yuan appreciation pressure.

The authorities have raised the refined oil price four times since 2006. The current average price is about $65 a barrel. The global crude price skyrocketed from $70 a barrel in July last year to $100 a barrel at the beginning of January.

Some refiners have stopped production due to the high costs they must bear, which has led to supply shortages in coastal areas. In response, the government has urged China National Petroleum Corp and China Petrochemical Corp, the nation's two largest oil producers, to go all out to ensure fuel supplies.

Fuel shortages eased after prices began climbing last November, but many regions still face tight diesel supplies. The NDRC raised the prices of gasoline, diesel oil and aviation kerosene by 500 yuan (about $69) per ton, representing an increase of 8 percent. The average retail price of gasoline is now 5,980 yuan per ton, and diesel is 5,520 yuan per ton.

China scored new highs both in oil output and consumption in 2007, boosted by the robust momentum of its economic growth. Sources with the China Petroleum and Chemical Industry Association said recently that China had produced 186.7 million tons of crude oil in 2007, up 1.6 percent from 2006.

The output represented a record high, though the growth was slow, Deng Xianrong, a researcher at the State Council's Development Research Center, said.

The country's net imports of crude oil climbed to 159.28 million tons last year, up 14.7 percent. Consumption of crude oil, or the sum of net imports plus output, rose 7.3 percent to 346 million tons in 2007. That means that some 46.05 percent of the county's crude oil consumption is met by imports.

The sizzling economy, large influxes of investment in heavy industry and the many cars crowding city streets have driven up China's demand for oil. The country's GDP grew by 11.4 percent last year, the fastest rate in the past 13 years, with the industrial added value rising 18.5 percent from a year ago.

The diesel shortage that hit the country in the second half of last year led to a sharp rises in diesel imports. China imported 1.62 million tons of diesel in 2007, up 130.1 percent year-on-year, with the volume of diesel exports dropping 14.9 percent to 660,000 tons.

(China Daily February 11, 2008)

Tools: Save | Print | E-mail | Most Read

Comment
Username   Password   Anonymous
 
China Archives
Related >>
- Surging oil price adds inflation pressures
- US$100 oil might not hit China severely
- 'Difficult situation' for NDRC
Most Viewed >>
-China posts 95% growth in wind power generation
-Year of Rat set to see losses
-Bankruptcy ordinance devised for financial institutions
-Shanghai's real estate market set to gain momentum
-HK can turn into world's most developed city

May 15-17, Shanghai Women's Forum Asia
Dec. 12-13 Beijing China-US Strategic Economic Dialogue
Nov. 27-28 Beijing China-EU Summit

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?
SiteMap | About Us | RSS | Newsletter | Feedback

Copyright ? China.org.cn. All Rights Reserved E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP證 040089號

主站蜘蛛池模板: 久久国产精品久久精品国产| 夜夜未满18勿进的爽影院| 免费的a级毛片| 色www永久免费| 成人免费午间影院在线观看| 久久婷婷人人澡人人喊人人爽 | 男女生差差差很痛的app| 国产三级久久久精品麻豆三级| 成人免费黄色网址| 国产精品亚洲一区二区三区在线| 99re九精品视频在线视频| 日本最新免费不卡二区在线| 亚洲精品狼友在线播放| 青青青国产在线| 在人间免费观看未删减 | 久久AV无码精品人妻出轨| 欧美成人精品第一区二区三区| 噼里啪啦完整高清观看视频| bbw巨大丰满xxxx| 国产老熟女网站| 一级特级aaaa毛片免费观看| 无码内射中文字幕岛国片| 久久国产精品61947| 特黄特色大片免费播放| 免费精品国产日韩热久久| 美女张开腿男人桶| 国产91乱剧情全集| 天天影视色香欲性综合网网站| 国产精品毛片一区二区| 一个人看的免费高清视频日本| 成人性生交大片免费看好| 中文字幕无码精品三级在线电影 | 国产亚洲欧美日韩精品一区二区| 91免费国产在线观看| 国产无遮挡又黄又爽在线视频| BT天堂新版中文在线| 女儿国交易二手私人衣物app| 一级二级三级黄色片| 日本换爱交换乱理伦片| 久久精品五月天| 日韩在线观看免费完整版视频|