The Chinese authorities recently announced a fuel price subsidy mechanism intended to soften the impact of fuel price flare-ups on, a number of economic sectors, including the fishing industry.
In line with the newly enacted subsidy plan, when the state guideline price of petroleum exceeds RMB 4,400 (USD 644.22) per ton and that of diesel exceeds RMB 5,480 (USD 802.34) per ton, the mechanism will kick in.
The government will provide half the price difference between RMB 4,400 (USD 644.22) and prices of RMB 5,480 (USD 802.34) per ton for gasoline; for diesel, half the price difference between RMB 3,870 (USD 566.62) and RMB 5,070 (USD 742.31) per ton will be subsidized. For prices above RMB 5,480 (USD 802.34) for gasoline or RMB 5,070 (USD 742.31) for diesel fuel, the government will subsidize the entire price difference.
According to the press these subsidies are intended for “assisting farmers, the underprivileged, and the public utilities in easing the burden of high fuel prices.”
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