Oil subsidy for needy and public service

By Chen Qian  |   2008-6-20  |     ONLINE EDITION


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CHINA'S Ministry of Finance announced today it would pay a subsidy worth 19.8 billion yuan (US$2.87 billion) for refined oil products to low income earners and public service industries.

China's benchmark gasoline and diesel oil retail prices were raised by 1,000 yuan per ton today, according to the National Development and Reform Commission (NDRC).

From the 19.8 billion yuan subsidy, 12 million yuan will go to taxis, urban and rural buses, and the fishery and forestry industries, the ministry announced. The remaining 7.8 billion yuan will be given to farmers.

The ministry has ordered provincial finance departments to forward the subsidies to counties and cities within five days of receiving the funds.

Counties and cities should give the money to the needy and the industries concerned as soon as possible.

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