ResearchPolicy2026-10-18
Four years of consumption tax on imported fuel oil and diluted bitumen; refiners rework the feedstock math
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.