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China raises consumption tax on oil products

Updated: Jan 12,2015 7:36 PM     Xinhua

BEIJING — China’s finance and taxation authorities on Jan 12 announced that consumption tax on oil products would be increased from Jan 13.

The tax on gasoline, naphtha, solvent oil and lubricating oil will be increased to 1.52 yuan (about $0.25) 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.