Starting from January 1, 2008, China will significantly lower its import duties on naphtha, reducing the rate from the current 6% to just 1%. This move is aimed at easing the financial pressure on domestic importers and supporting the country's energy needs. With domestic oil production struggling to keep up with rising demand, China has increasingly relied on imports to fill the gap. According to recent data, from January to November of this year, the country imported 10.3 million tons of naphtha, marking an impressive 86.5% increase compared to the same period in the previous year. The tariff reduction is expected to further boost the availability of naphtha in the market, helping to stabilize prices and support industrial activities that depend on this key feedstock. This policy change reflects China's ongoing efforts to balance energy supply and demand while promoting economic growth.
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