China has announced increases on import tariffs for fuel oil and jet fuels, commencing 2010.
Both tariffs will be increased by 1%, to 3% for fuel oils, and to 6% for jet fuels. The change does not, however, affect tariffs on diesel and gasoline, the tariff for which will remain at 1%; this tariff was introduced in 2008, reduced from 5-6%.
As part of its agreement with the World Trade Organization (WTO), China will also reduce tariffs on other imports starting 2010. Tariffs on imported indium will be reduced to 5% (from between 10% and 15%), and will be reduced by 23-38% on imported rubber. There will be further tariff reductions on over 600 other products, including phosphate ore, coal and naphtha. Consequently, tariffs on industrial products are to fall on average to around 8.9%, and on agricultural products to around an average of 15.2%.
The increase in fuel tariffs aims to reduce energy consumption and help combat pollution in China.
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