For the third time in recent months, drivers in China are finding themselves shelling out more each time they fill the tank. In China, retail fuel prices are regulated, just as other aspects of life are. As of this week, gasoline is at $3 per gallon in China, bringing it above prices in the United States.
For many years, the Chinese government has held gas prices down to avoid hurting economic growth in the country. The prices are regulated by the National Development and Reform Commission. Prices jumped 6-7 percent a month ago and 3-5 percent in March.
Increasing fuel prices may hurt overall sales of new cars but it may also stimulate demand for more efficient cars. This could help to address some of the severe pollution problems that afflict China’s big cities.
[Source: Gasgoo]
Filed under: Legislation and Policy, China
China raises fuel prices by 10% originally appeared on AutoblogGreen on Thu, 02 Jul 2009 09:31:00 EST. Please see our terms for use of feeds.
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