The lack of available storage in China had limited the import of light cycle oil in May and June, ahead of the implementation of a new consumption tax on June 12, market sources told S&P Global Platts June 24. Receive daily email alerts, subscriber notes & personalize your experience. Register Now The inflow in May dropped 23.5% to 1.59 million mt from the record high 2.08 million mt in April, data from the General Administration of Customs showed on June 21, despite the fact that Chinese buyers were eager to import as many barrels as possible before the introduction of the new tax. From June 12 onwards, imported LCO was subjected to a Yuan 1,800/mt ($37.52/b) consumption tax, before the 13% value added tax, as the government sought to make the tax regime fairer and encourage the use of more environmentally friendly fuels. LCO is essentially a blending material […]