JEDDAH, June 21: US Energy Secretary Samuel Bodman on Saturday welcomed Beijing’s decision to cut subsidies on petrol and diesel prices.

“The steps that the Chinese took, although viewed by some as courageous, were exactly the right sort of steps to take,” Bodman told a press briefing in the run-up to the Jeddah oil summit on Sunday.

China lifted petrol and diesel prices by more than 16 per cent last week in a bid to reduce the gap with soaring cost of oil on international markets.

Asked if China’s move would help the energy market, Bodman replied: “I think it will.”

‘‘When we say to move away from subsidies, we are not saying we want to eliminate subsidies tomorrow. We believe that all nations in the business of subsidising oil are in a very tricky position that leads to the possibility of what could be viewed as irresponsible behaviour.”—AFP