China unveils fuel tax hikes on more oil products

China revealed the details of fuel consumption tax hikes after revealing a seven- to eight-fold increase on gasoline and diesel products, part of fuel taxation and pricing reform approved along with slashing retail fuel prices. Consumption tax on naphtha, solvents and lubricant oil would be raised from 0.2 yuan (US$0.03) to 1 yuan per liter (US$0.15), and tax on jet kerosene and fuel oil would rise from 0.1 yuan (US$0.01) to 0.8 yuan (US$0.12) per liter, the Ministry of Finance and Ministry of Taxation announced. The National Development and Reform Commission said that the country would raise the gasoline consumption tax from the current 0.2 yuan (US$0.03) to 1 yuan (US$0.14) per liter and diesel consumption tax from 0.1 yuan (US$0.05) to 0.8 yuan (US$0.12) per liter. (December 19, 2008)