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China Offers Rebates to Oil Firms to Ease Refineries Losses

The Chinese government will begin to offer oil firms profit rebates and suspend oil import duties to subsidize..

The Chinese government will begin to offer oil firms profit rebates and suspend oil import duties to subsidize losses at their refineries, China Youth Daily reported.

The NDRC, China's top planning body, explained that the measures are aimed at offsetting the remaining price gap between crude oil and gasoline and encouraging refiners to expand production.

High global oil prices have prompted some refineries to scale operations to below full capacity, despite a government-mandated 10% rise in nationwide gas prices that began on November 1.