China's mechanism to fix oil prices in operation 
(www.chinamining.org)
Updated:
2007-03-12 13:42
Counter:
China's mechanism to fix prices for oil products is in operation and still needs improvement in the process, according to Ma Kai, Minister in charge of the National Development and Reform Commission.
He noted that China is making plans to select places for building second stage oil reserves.
According to Bi Jingquan, vice minister of the commission, there is no timetable for the publication of policies involving the reform of prices for oil products.
He explained that, while employing market-oriented adjustment of prices for oil products, China would arrange properly subsidies for the affected industries and services such as agriculture and taxi services.
Ma disclosed that the prices for natural gas would rise steadily in the long run.
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