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New June tax policy in China affects petroleum product trade in Asia (9/29/2021)

Author: FleetLogik Media Relations/Wednesday, September 29, 2021/Categories: General

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On June 12, 2021, China implemented a new consumption tax policy affecting its imports of mixed aromatics and light cycle oil—two fuels that have been used in blending gasoline and diesel. According to China’s Ministry of Finance, the new tax aims to correct a loophole that gave an unfair price advantage to some fuel sellers and to help China meet its emissions goals. This new policy has significantly reduced China’s imports of these products and has also reduced its petroleum product exports, which may be supporting crack spreads in the Asian trading hub of Singapore. ...

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