Chinese oil giants to get tax rebate amid price controls

BEIJING (AP)


The government ordered the companies in November to step up imports to ease fuel shortages. CNPC and Sinopec blamed the shortages on controls that barred them from passing on record-high crude prices to consumers, leading to losses for their refining units and prompting them to cut back output.

The rebate “is aimed at reducing the refining losses of the oil companies and increasing refined oil products supply in the domestic market to prevent a shortage,” the government newspaper China Daily said.

AP