International oil prices surged past the $100 per barrel mark on the first trading day of this year, signaling a new era of high energy costs. Han Wenke, director of the Energy Research Institute under the National Development and Reform Commission, recently commented that short-term price declines are unlikely. Instead, elevated oil prices are expected to persist for an extended period. This situation has brought renewed attention to the potential introduction of a fuel tax, which must be carefully studied in light of current market conditions.
On the following day, international oil prices continued their upward trend. Light sweet crude futures on the New York Mercantile Exchange briefly crossed the $100 threshold before retreating slightly to $99.62 per barrel. According to Han Wenke, sustained high oil prices mainly impact energy-intensive industries, squeezing profit margins and potentially leading to business closures or losses. He emphasized that China’s current refined oil pricing mechanism requires further reform to better align with global market trends. The system should respond more quickly to supply and demand fluctuations and promote energy conservation and environmental protection through a more effective pricing structure.
Amid the ongoing $100 oil price environment, domestic fuel tax reform has become a hot topic among policymakers and the public. Han Wenke noted that implementing a fuel tax is a complex issue. From the perspective of promoting fuel efficiency and ensuring fair cost distribution, as well as using fiscal tools to manage oil consumption, China should consider introducing a fuel tax sooner rather than later. However, the reform involves more than just tax policy—it reflects national priorities and social equity, especially as living standards continue to rise. Therefore, the timing of implementation must be carefully evaluated. With high oil prices likely to remain for a long time, it is essential to address the fuel tax issue now rather than delay it indefinitely.
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