China Lowers Tariff on Imported Petroleum
The Ministry of Finance announced last week that it will decrease the import tariff on gasoline and diesel from the current 3% to 1% as of July 1. Although the quantity of imported petroleum products is not large compared with the amount refined domestically, many industry insiders believe the policy is aimed at overting fuel shortages. In 2010, China imported 36.88 million tons of refined oil products, accounting for 14% of total domestic production of around 252 million tons.
Source
China Business News
http://www.yicai.com/news/2011/06/890532.html
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The Ministry of Finance announced last week that it will decrease the import tariff on gasoline and diesel from the current 3% to 1% as of July 1. Although the quantity of imported petroleum products is not large compared with the amount refined domestically, many industry insiders believe the policy is aimed at overting fuel shortages. In 2010, China imported 36.88 million tons of refined oil products, accounting for 14% of total domestic production of around 252 million tons.
Source
China Business News
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