Imported fuel oil at 1.2 yuan/litre and diluted bitumen by reference, about 1,200 yuan/tonne equivalent; in-quota crude looks better.

Since June 2021, imported fuel oil and diluted bitumen carry consumption tax as refined-product items — roughly 1.2 yuan/liter, adding about 1,200 yuan/t to delivered cost. The levy erased much of the cheap-substitute-feedstock arbitrage and pushed refiners back toward quota-backed crude.