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Analysis * China - Fuel price rise not sign of loosening grip
China's first oil price increase in 17 months should end fuel shortages that were unnerving the country's leaders, but it leaves Beijing no nearer to the market deregulation needed to ensure stable long-term energy supplies
Beijing,China -Reuters, by Chen Aizhu -3 Nov 2007: -- ... Beijing had pledged "in principle" to freeze prices of fuel and other items under its control for the rest of the year to keep a lid on inflation, which is near a decade-high... But ultimately it was forced to react after diesel rationing spread from coastal manufacturing hubs to the capital and to cities further inland... With global crude oil prices flirting with the $100-a-barrel mark, refiners forced to sell at below-market prices were just not prepared to shoulder ever deepening losses... Despite the resulting supply squeeze, analysts say meaningful liberalization of prices of gasoline, diesel, natural gas and electricity in the world's second-largest energy consumer remains unlikely given Beijing's craving for stability...
Labels: fuel troubles
posted by Unknown @ 9:51 AM
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