Shanghai bidders give up car plate amid fuel price hike

Shanghai, July 3 (Gasgoo.com) The fuel price increase is shaking consumers’ intention for buying cars in Shanghai. Recently some bidders who succeeded in car plate auction have decided to give up the plates, said sources of Shanghai International Commodity Auction Company, xinhuanet.com reported yesterday.

Shanghai is the only city in mainland China to issue plates by auction, a dual-purpose initiative to control vehicle numbers and pollution.

Over 10% of the successful bidders have reportedly failed to put on their car plate in a three-month deadline since the car plate auction in March.

Numbers of bidders for car plates in Shanghai also went down in the recent months, with 37,072 in April, 26,341 in May and 21,208 in June.
 
The soaring fuel price may have further restricted customers' purchase of new cars.