China will control domestic fuel prices to protect consumers and investors from record high international oil prices. The government will limit fluctuations in fuel prices to cushion drivers and the transport industry from skyrocketing international oil prices.
China imported over 90 million tons of crude oil last year and this year is expected to import even more. Officials from the National Development and Reform Commission say China will increase oil stocks and balance distribution around the country.
(Xinhua News Agency October 27, 2004)