China’s gasoline exports drop to 15-month low

China’s oil consumption is up and the country’s oil refiners are reducing oil exports to meet local demand. Oil exports are down 21.7% during the first five months of 2011, from the same period a year ago, to 2.067 million tons. This downturn is expected to continue until at least September. Gasoline exports stood at 262,500 metric tons in May, reaching a 15-month low since February 2, 2010. The Chinese government has put in place a zero import tariff for diesel fuel and jet fuel effective July 1, 2011. In addition, the import tariff for gasoline and fuel oil has been reduced to 1%, from 6% and 3%, respectively. (July 11, 2011)