China, the world's second-largest crude oil consumer, plans to spend 41.8 billion yuan ($6.1 billion) on energy-savings projects this year and will raise fuel prices to help cut use and boost conservation.

The government will let the price of fuels and natural gas rise further ``when the time is right,'' the National Development and Reform Commission said in a statement on its Web site today.

``China will continue to implement economic policies in favor of energy conservation and emissions reductions,'' the nation's top economic planner said.

To contact the reporters on this story: Wang Ying in Beijing at wang30@bloomberg.net.

(Bloomberg, Sep 5, 2008)