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REFINING: China Set to Increase Fuel Oil Import Cost for Refiners

REFINING
BulletEnergy BulletsCommodities

China intends a tax revamp that will raise the costs for importing fuel oil according to Reuters sources in another blow for independent refiners that are already facing weak margins.

  • The tax change is widely expected to start in October. The change impacts the amount of consumption tax rebates refiners receive once they sell gasoline and diesel fuel refined from imported fuel oil.
  • Independent refiners typically turn to fuel oil to try and boost margins that are already at multi-year lows while others use it to circumvent a lack of oil import quotas.
  • The sources said the tax changes would effectively raise feedstock costs by $57/ton.
  • Expectations for the tax change are already dampening fuel oil prices.
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China intends a tax revamp that will raise the costs for importing fuel oil according to Reuters sources in another blow for independent refiners that are already facing weak margins.

  • The tax change is widely expected to start in October. The change impacts the amount of consumption tax rebates refiners receive once they sell gasoline and diesel fuel refined from imported fuel oil.
  • Independent refiners typically turn to fuel oil to try and boost margins that are already at multi-year lows while others use it to circumvent a lack of oil import quotas.
  • The sources said the tax changes would effectively raise feedstock costs by $57/ton.
  • Expectations for the tax change are already dampening fuel oil prices.