China Cut Tariffs on Refined Oil

China has cut import tariffs on gasoline, diesel, aviation kerosene, and fuel oil significantly since July 1 this year. According to the information released by the Ministry of Finance, the rate of import tariffs on motor gasoline and aviation gasoline was reduced from 5% to 1%; the rates of import tariffs on aviation kerosene and light diesel were reduced from 9% and 6% to 0 separately; the rate of import tariffs on 5＂-7＂ fuel oil was reduced from 6% to 1%.