China raises consumption tax on oil products

China raises consumption tax on oil products

China’s finance and taxation authorities on Monday announced that consumption tax on oil products would be increased from Tuesday.

The tax on gasoline, naphtha, solvent oil and lubricating oil will be increased to 1.52 yuan (about 25 U.S. cents) per liter from 1.4 yuan. The levy on diesel, jet fuel and fuel oil will be increased from 1.1 yuan per liter to 1.2 yuan, according to the Ministry of Finance and the State Administration of Taxation.

Source: xinhua

Oil and Gas Press

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