China has raised the consumption tax on oil products by up to 17.5% but the impact on the market appeared to be limited so far, trade and refinery sources said Monday, December 1. The Ministry of Finance and the State Administration of Taxation jointly announced Friday that the consumption tax would be raised effective Saturday. “In order to promote environmental management and energy conservation, the State Council has approved the increases,” according to the circular. A government source said the hike in consumption tax had been under consideration for a while and was raised now as oil prices were lower which would limit the impact on consumers. Article continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology […]