China said Monday that it would raise the consumption tax on a range of oil products for the third time in less than two months, as global oil prices remained under pressure. At the same time, the state economic planner said it would cut the official retail prices on gasoline and diesel, adding that the two moves effectively result in a net reduction of domestic oil prices. The moves are aimed at promoting energy conservation and cutting pollution, the Ministry of Finance said in statements on its website. China would raise the consumption tax on gasoline, lubricants and naphtha by 0.12 yuan (about US$0.02) a liter to 1.52 yuan, while the tax on diesel, jet fuel and fuel oil would rise by 0.1 yuan a liter to 1.2 yuan, effective Tuesday, the finance ministry said. The ministry said the additional tax revenue will be used to clean up the […]