International oil prices surged past the $100 per barrel mark on the first trading day of the year, marking a significant milestone. Han Wenke, director of the Energy Research Institute under the National Development and Reform Commission, recently stated that a short-term decline in oil prices is unlikely. Instead, high oil prices are expected to persist for an extended period. This situation has raised concerns about the need to reevaluate fuel taxation policies in light of the current market conditions.
On the following day, international oil prices continued their upward trend. The benchmark for low-sulfur light crude oil on the New York Mercantile Exchange hit a key threshold of $100 per barrel before slightly dipping to $99.62. In response, Han Wenke highlighted that sustained high oil prices primarily impact energy-intensive industries, putting pressure on their 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, improve price transmission efficiency, and allow market forces to more effectively balance supply and demand. Additionally, a more sustainable pricing system should promote energy conservation and environmental protection.
Amid the ongoing rise in oil prices, the discussion around implementing a fuel tax has gained renewed attention. Han Wenke noted that introducing a fuel tax is a complex issue that involves not only tax reforms but also broader policy considerations. From the perspective of promoting fuel efficiency and ensuring fair burden distribution, he argued that China should consider implementing a fuel tax sooner rather than later. Such a measure would serve as a tool to regulate oil consumption and reflect national priorities. Moreover, it touches on issues of social equity, especially as living standards continue to improve. Therefore, careful consideration of timing is essential. However, given the expectation that high oil prices will remain for some time, it is crucial to begin studying the implications of a fuel tax within this context without delay.
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