China raises fuel consumption tax for second time in two weeks

BEIJING (Reuters) - China said on Friday that it was raising the consumption tax for several oil products, the second increase in two weeks.

The Ministry of Finance said consumption tax for gasoline, naphtha and lubricants will be raised to 1.4 yuan (S$0.30) per litre from 1.12 yuan, according to a statement posted at the ministry's website. (www.mof.gov.cn).

Tax for diesel, fuel oil and aviation fuel will rise to 1.1 yuan per litre from 0.94 yuan. The hike comes into effect from Saturday.