RealNews

China releases plans for fuel tax increases

China’s Cabinet on Friday released details of a fuel tax reform that would raise taxes for gasoline and diesel while eliminating other fees for drivers. The plan, scheduled to take effect Jan. 1, would raise the tax on gasoline to 1 yuan (14 cents) per liter (0.26 gallon) from the current 0.2 yuan (3 cents). The tax on diesel would rise from 0.1 yuan (2 cents) per liter to 0.8 yuan (11 cents). Despite the increase, existing fuel prices would not rise, the State Council, China’s Cabinet, said in a notice, presumably because any increase would be absorbed by falling costs resulting from the plunging price of crude oil. Full Story

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