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Studio interview: Reasons behind oil price hike justified?

04-07-2011 21:24 BJT

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China's top economic planner has raised domestic fuel prices, aiming to ease the burden for state-owned refiners who face climbing international oil prices. Full Story>>

For more on the issue, we're joined once again on the phone by Dr. Liu Baocheng, Professor at the University of International Business and Economy.

Q1: We've heard two voices. Consumers and the state-owned oil plants apparently have two differing opinions regarding the oil price hike. Being a consumer and also an econonomist, what do you think of it?

Q2: From your professional background, are the reasons behind the price hike justified?

Event background:

China raises fuel prices as oil climbs

China's top economic planner has raised domestic fuel prices, aiming to ease the burden for state-owned refiners who face climbing international oil prices.

People's response to fuel price rise:

Oil price hike leads some to pumps, others to bikes

BEIJING, April 7 (Xinhua) -- Dozens of vehicles lined up late Wednesday night at a gas station in Shijiazhuang, capital city of north China's Hebei Province, to have their tanks filled before another fuel price hike.

Do Chinese oil giants earn hundreds of billions of yuan?

NDRC: Oil refiners face losses as costs surging

Consumer reaction in China to soaring oil prices has been directed to the nation's largest oil refiners - Sinopec and Petrochina. Online web users, or netizens, claim the two giants were earning hundreds of billions of yuan on higher oil prices, and ripping off fuel consumers.

Oil prices rising around the world:

Other nations tackle rising oil prices

But China is not alone. Other countries, such as France and South Korea, are also being plagued by soaring oil prices. But while China is raising fuel prices, others are implementing measures to curb them.

 

Editor:Zhang Ning |Source: CNTV.CN

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