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Trade Trends News
2025-08-25
China's fuel oil imports jumped to a seven-month high in July, rising 40%, as refiners turned to lower-cost feedstock amid falling refining margins, while independent refiners boosted import tax rebates.
According to customs data cited by Reuters, China's fuel oil imports in July surged to about 401,000 barrels per day, up 40% from June and 42% higher year-on-year.
After hitting an 18-month low in May, China's fuel oil imports began to recover in June, rising 7% month-on-month, though still below levels seen in June 2024.
The acceleration in July came as weaker crack spreads and refining margins made fuel oil more economically attractive compared with crude oil.
In addition, Shandong province—the main refining hub for China's independent refiners—raised fuel oil import rebate rates for six local refiners at the start of July. The move aimed to ease pressure from shrinking margins and stimulate economic activity.
The Shandong government increased consumption tax rebates on gasoline and diesel refined from imported fuel oil, with rebate rates lifted by 25 percentage points to between 75% and 95%.
Analysts said the adjustment is expected to ease pressure on struggling independent refiners and boost industrial activity in Shandong.
Private refiners in Shandong, known as “teapot refiners,” often lack or have not been granted crude oil import quotas, and therefore rely on imported fuel oil to produce higher-value transportation fuels such as diesel and gasoline.
Unlike state-owned refiners, China's private refiners must secure government-issued quotas in order to process imported crude oil at their facilities.
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