China's top economic planning body urged local governments on
Saturday to keep stable market prices after it raised refined oil
prices.
To balance higher costs caused by increased oil prices, the
central government has already appropriated subsidies for public
transportation and passenger transportation in rural areas, said
the National Development and Reform Commission (NDRC) in a
circular.
Local governments should take effective measures to minimize
impacts on residents, such as extending temporary subsidies or
raising minimum subsistence money to urban poors, the circular
said.
Those who jack up prices or make up and spread rumors of price
hiking will be severely punished to keep a stable market of refined
oil, natural gas and liquified gas, said the circular.
In addition, the central government has dispatched inspection
teams to provinces and municipalities to ensure all the measures
are put in place.
The NDRC raised the prices of gasoline, diesel oil and aviation
kerosene by 500 yuan per ton on Thursday, almost a 10 percent
rise.
The average retail price of gasoline now stands at 5,980 yuan
per ton, that of diesel 5,520 yuan per ton.
(Xinhua News Agency November 4, 2007)