Consumption tax on oil items increases today
Print Edition
CHINA’S consumption tax on oil products rises today for the third time since the end of November as the government deepens efforts to tackle environmental problems through less energy consumption.
The tax on gasoline goes up from 1.40 yuan (23 US cents) to 1.52 yuan per liter, while diesel sees an increase from 1.10 yuan to 1.20 yuan per liter, the Ministry of Finance and the State Administration of Taxation said in a joint statement yesterday.
Other petroleum products, including naphtha, lubricating oil and jet fuel, will also be hit by the rise in the tax.
The adjustment will partly offset a simultaneous trim in retail fuel prices announced by the National Development and Reform Commission yesterday.
In Shanghai, the price of a liter of 92-octane gasoline falls to 6.03 yuan from 6.18 yuan, 95-octane gasoline drops to 6.42 yuan from 6.57 yuan, while zero-grade diesel is cheaper at 5.65 yuan instead of 5.84 yuan.
On November 29, the consumption tax on oil products was raised for the first time in five years, followed by a second hike on December 13.
The government said it will continue to use the extra income from the tax increase to fund the effort to fight pollution.
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