China’s inflation has dropped to a five-year low, spurring lots of calls from economists for stimulus measures to prop up the Chinese economy. But in the central Chinese city of Zhengzhou, the rising price of gasoline—and mysterious fuel shortages that hit the city in recent days—have dominated local attention and drawn authorities’ ire. Where did the gasoline go? It starts with pricing. Advertisement On Monday, China’s top economic planning body, the National Development and Reform Commission, announced it was raising retail prices of gasoline by 280 yuan per ton, the equivalent of about 0.21 yuan per liter. The price increase was the first time China’s government had raised fuel prices since July. Until this week, prices had been cut 13 consecutive times, reflecting the sharp fall in international oil prices. To anyone who follows oil in China, the NDRC’s decision to raise prices was no […]