Chinese Government Raises Fuel Prices by 10% (That’s Good!)
Those prices are in Yuans per liter, I think.
Fuel Subsidies Punish Virtue
The Chinese government has recently decided to raise fuel prices by about 10%, the third increase in the past few months, following a 6-7% increase on June 1st, and a 3-5% increase in March. The stated goal is to bring the price of fuel in China closer to what the market price is. From a green point of view, this is good because subsidized fossil fuels only encourages waste, over-consumption, and the buying of vehicles that aren’t fuel efficient. It also artificially reduces the competitiveness of technologies that aren’t based on fossil fuels, slowing down their adop…