Due to a hike in import tariffs, Chinese imports of fuel oil are set to slow at the start of the year, which could further weigh on the refining margins of the independent refiners in the world’s top crude oil importer. China’s smaller private refiners, which are short on crude import quotas or haven’t been allocated such, import fuel oil to process it into more valuable fuels for transportation, including diesel and gasoline. However, as of January 1, 2025, China is raising its import tariff on fuel oil to 3% from 1%. As a result,…
