The inclusion of fuel oil in the scope of the proposed fuel tax has sparked intense controversy within the industry. In response, the National Development and Reform Commission (NDRC) held a consultation meeting on Tuesday to discuss the fuel tax, with a focus on whether consumption tax should be levied on fuel oil. This reporter confirmed the news from an attendee yesterday.
It is also learned that the final plan is expected to be released as early as this weekend.
This newspaper recently reported first the government's proposal to impose a consumption tax on fuel oil similar to diesel. At that time, some insiders were concerned that this move would impact local refineries using fuel oil as a refining raw material. Some importers also worried that once the consumption tax ultimately affects fuel oil, it would directly lead to a sharp rise in import costs, significantly reducing the economic viability of fuel oil, and heavily impacting the demand for straight-run fuel oil or blended fuel oil.
Not only that, industrial users who use fuel oil as fuel (ceramics, glass, metallurgical manufacturing enterprises) and power plants are also resistant to the imposition of consumption tax on fuel oil. Since they cannot benefit from the exemption of "road maintenance fees," they will become the ultimate bearers of the high consumption tax amount. Therefore, they have appealed to the government to consider the actual situation and refund the additional consumption tax.
"Due to significant market controversy, the NDRC notified us last week to attend the fuel tax consultation seminar held on Tuesday afternoon," according to the aforementioned participant. This meeting invited representatives from all aspects of the supply chain, including producers, traders, and end-users. Specific attendees included Sinopec, PetroChina system, China Oil Fuel Oil, China National Offshore Oil Corporation (CNOOC), Yangtze River Fuel, SINOCHEM International, Zhenrong, and Shandong local refinery representatives. In addition, there were representatives of end-users such as power generation groups, gas turbine associations, and shipping companies.
At the meeting, most participants expressed different opinions about the inclusion of fuel oil in the list of this consumption tax increase. Among them, Shandong local refineries and South China gas-fired power plants hope the government will separately consider the issue of fuel oil consumption tax, while fuel oil importers also hope the government will not impose heavy taxes on fuel oil, fearing market demand may be hit and costs hard to pass down. However, a few bonded ship supply enterprises indicated insensitivity to the consumption tax.
"In this situation, the government is still considering various opinions regarding the taxation of fuel oil, so the final decision on the fuel oil consumption tax may still be subject to change," said the person. The government might continue to maintain the current policy of taxing fuel oil similarly to diesel, or appropriately reduce the tax amount. Additionally, other measures may be adopted at the import stage, or even no new consumption tax on fuel oil may be imposed.
It is also learned that after summarizing various opinions, relevant departments still need to submit the plan for State Council approval, making it difficult to predict the final plan at present.
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