News // Asia
China Begun Charging Fuel Consumption Tax
20 February 2008 , 11:19863
The Chinese government has begun charging the full rate of consumption tax for fuel oil and naphtha.
Rates under the new tax scheme are 0.10 yuan a liter for diesel and 0.20 yuan for naphtha, which is used as a petrochemical feedstock and blending component for gasoline.
The government began levying consumption tax on fuel oil and naphtha at those levels in April 2006, but has allowed a 70 percent cut for both products since then, saying it would charge the full rates at the "appropriate time".
The latest adjustment is a continuation of the country's recent efforts to curb resource-intensive sectors and promote energy efficiency, analysts said.
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