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Chinese govt may ease curbs on oil price

www.chinanews.cn 2006-01-26 11:30:06

(Source: Xinhua/Shenzhen Daily/Agencies)

The government is expected to relax controls over retail oil prices in
its domestic market, bringing them more into line with international
prices, but there is no timetable for the long-awaited reform, saying
only that it should occur step by step, Li Deshui, head of the National
Bureau of Statistics, told a media briefing in Beijing yesterday.

BEIJING, Jan. 26 - The government is expected to relax controls over
retail oil prices in its domestic market in the future, bringing them
more into line with international prices, a National Bureau of Statistics
official said.
Li Deshui, head of the National Bureau of Statistics, told a media
briefing in Beijing yesterday that he believes the government will allow
retail oil prices to rise in response to market forces in the near
future, despite the flow-on inflationary effect on the economy.
"We should make full play of the market mechanism to find the real
price," he said
"That's one of the reasons we should accelerate the reform of the price
mechanism."
The government has set caps on the prices of retail oil products in the
domestic market to deflect inflationary pressure and cushion consumers
from the full effects of soaring global energy prices.
Oil prices reached a four-month high of US$69.20 per barrel Monday in the
international market, far higher than the prices paid for the commodity
by domestic users.
Li gave no timetable for the long-awaited reform, saying only that it
should occur step by step.
He also said that China's net imports of crude and refined oil last year
dropped 5.3 percent year on year, and welcomed the downturn as a sign
that the country is using the resource more efficiently.
The country's rate of consumption of crude and refined oil last year was
also down 0.5 percent compared with a growth of 15.3 percent a year
earlier.
"With gross domestic product growth at 9.9 percent, the drop is very
encouraging. This means China's economy can maintain high growth with a
significant fall in natural resources consumption," Li said.

          ��Oil output to hit 200mln tons
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