China to raise consumption tax on oil products  

China's finance and taxation authorities said Friday that the country will raise the consumption tax on oil products from Saturday, its second increase in a month.

The country will boost the tax on gasoline, naphtha, solvent oil and lubricating oil to 1.4 yuan (about 23 U.S. cents) per liter from 1.12 yuan. The levy on diesel, jet fuel and fuel oil will be increased from 0.94 yuan per liter to 1.1 yuan, according to the Ministry of Finance and the State Administration of Taxation.