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Oil products tax to be raised from Tuesday

China is raising its consumption tax on oil products from Tuesday, the Ministry of Finance said. Consumption tax on gasoline, naphtha, solvents and lubricants will be raised 0.12 yuan per liter to 1.52 yuan (24.51 cents) per liter, while the tax on diesel, jet fuel and fuel oil will be raised by 0.10 yuan per liter to 1.2 yuan per liter ($0.193), the ministry said on its website. Meanwhile, the government said it is cutting gasoline prices by 0.13 yuan per liter and diesel price by 0.20 yuan per liter, according to the National Development and Reform Commission.