China Raises Taxes on Oil for the First Time Since 2009

China today pays more taxes on petroleum products, 12% more for gasoline and 17.5% for diesel, after the first rise in these rates since 2009, the official Chinese news agency Xinhua reported .

The Ministry of Finance and the State Administration of Taxation announced Friday the measure, designed to offset the impact of the falling value of crude oil on international markets to keep prices.

Thus, the tax on gasoline consumption amounted to 1 yuan per liter ($ 0.16, 0.13 euros) to 1.12 yuan per liter ($ 0.18, 0.15 euros), while taxes for diesel up 0.8 yuan per liter ($ 0.13, 0.10 euros) to 0.94 yuan per liter ($ 0.15, 0.12 euros).

The tax increase also affects other petroleum products such as gasoline, lubricating oil or jet fuel, while employees on short-displacement motorcycles are exempt.

China set the rate of oil consumption in 1994 with the objectives to offset the costs caused by pollution and encourage more sustainable growth and expects to allocate funds raised through this rise to pollution control and the fight against change climate.