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Thu 27 Mar 2008, 08:46 GMT

Fuel oil imports surge in China


Imports of fuel oil rise by 8.7 percent in February, but high import costs still a factor.

Total imports of fuel oil into China rose to 1.72 million tonnes during the month of February, the General Administration of Customs announced today.

The world's second largest oil consumer experienced an 8.7 percent increase in fuel oil imports compared to the previous month, but the figure was still below the average monthly rate for 2007 as high import costs stifled demand from local power plants and refineries.

Meanwhile, imports of crude oil last month averaged 3.6 million barrels per day to match the previous record set in April last year. Imports for the first two months increased by 9.5 precent to 28.23 million tonnes, with 14.29 million tonnes being imported in February.

Diesel imports surged to 327,753 tonnes in February, almost ten times higher than the previous year, as oil companies continued to replenish stocks following two months of near-record purchases to fight a supply shortage towards the end of 2007.

Meanwhile, in a circular issued by the Ministry of Finance and the State Administration of Taxation, China has decided to adjust import linkage consumption tax on oil products.

According to the statement, China will resume the consumption tax on imported fuel oil, lubricant oil, naptha and solvent oil according to the legal tax rate, and exempt the tax on imported naphtha from March 1, 2008 to December 31, 2010.

The statement says that #5-7 Fuel Oil will be taxed at 0.1 yuan per litre and other fuel oil (except wax oil) at 0.1 yuan per litre also. Lubricant oil will be levied at 0.2 yuan per litre.

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