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Falling oil prices on international markets have not only made it possible to lower the prices of domestic refined oil product prices. The drop in international crude oil from $75 a barrel will also mean much less pain in overhauling the domestic pricing system.

Lower prices also raise hope for the introduction of a fuel tax. First proposed a decade ago, the tax has been postponed time and again for various reasons, including rising oil prices in recent years.

There is consensus that China's centrally-controlled system for pricing oil products must be reformed to closely link domestic prices to international ones.

Indeed, artificially low domestic oil product prices have created a host of problems such as huge losses for refineries. The distorted pricing system also runs counter to the country's energy-saving drive.

Chances for international oil prices rocketing up again in 2007 are considered small.

China's top economic decision makers must accelerate their work on the pricing reform to benefit from the favorable international environment.

Part of the delay has been over concern that reform will hike oil product prices for low-end consumers such as farmers.

This concern is justifiable. But the government is financially strong enough to subsidize these consumers. With coordination between government departments, working out a subsidy scheme is technically feasible.

Pricing reform in some basic areas land, water, oil, and exchange and interest rates is among the most important unfinished items on the agenda of China's market-oriented reforms. These reforms will not be easy.

But procrastinating will not make reform any easier.

Financial authorities have worked out their roadmap for liberalizing exchange and interest rates and are moving steadily towards reform.

It is time for decision makers for oil prices and natural resources to produce their roadmaps and move it forward.

(For more biz stories, please visit Industry Updates)