delusionofgrandeur

China has ended their subsidy of road fuels sending the pump-price up 18% overnight.

The Times Online says the surprise decision had Chinese motorists flocking to fuel stations to fill up but many retailers refused to serve them until the price increase came into effect at midnight. Some thought that the fuel subsidies would remain in place until after this years Beijing Olympics to avoid any thought of social unrest.

Also noted is that the Chinese are to expect electricity prices to be increasing soon.

This entry was posted on Friday, June 20th, 2008 at 12:03 pm and is filed under Automotive, Cars, Economy, News, Politics.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.