Oil prices a shared sacrifice

Premier Wen Jiabao's promise of oil sub-sidies for farmers came as Chinese drivers were already bracing themselves for another price hike at the pumps.

Drivers' complaints about the soaring costs of driving are predictable. But, with international oil prices already hovering above $100 a barrel and expected to average $130 in 2013, Chinese policymakers should not hesitate to raise domestic fuel prices to both curb excessive use of oil and provide an incentive for greater energy efficiency.

As the fastest-growing major economy, China's oil-dependence rate reached 57.5 percent in 2011. It would be increasingly difficult to ensure domestic supply if oil prices remained lower at home than in global market.