License plate prices fall in Shanghai
(AP)
Updated: 2005-09-19 14:56

The average price for a car license plate in China's richest city, Shanghai, has fallen to a nine-month low as high gas prices take their toll on driver sentiment, Shanghai Daily reported Monday.

Already choked with traffic, Shanghai tries to limit the number of new cars hitting the roads by forcing drivers to bid for a limited number of license plates offered at auction.

Amid a car buying spree, the lowest price for a plate hit 37,900 yuan (US$4,680;euro3,820) in July -- a 15-month high, the newspaper said.

Over the weekend, however, the average price fell to 28,927 yuan (US$3,570;euro2,916), the first time this year that the average price had fallen below 30,000 yuan (US$3,700;euro3,000), the paper said.

With oil prices running above US$60 (euro49.01) a barrel, China has raised pump prices for gasoline and diesel. However, official price limits still keep gasoline relatively cheap here, prompting supply shortages as refiners who must pay higher prices for crude on the world market reduce output to cut their losses.

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