The Ministry of Finance recently announced to slash import duties on 33 items, mostly energy products and raw materials in a move to boost imports and rebalance trade of the country.

The import tariffs on diesel and jet kerosene are removed while duties for gasoline and fuel oil are lowered to 1 percent, effective as of July 1.

"The latest reduction is expected to help ensure refined fuel supplies in the domestic market and soothe simmering inflationary jitters," said Bai Pengming, a researcher with the Shenzhen-based think-tank CIConsulting.

The move will also relieve some profit pressures of Chinese oil refiners, said Deng Yong, an analyst with the Haitong Securities Co. Ltd. Sinopec, for example, reported losses of 576 million yuan ($88.6 million) in the first quarter for its oil refining businesses due to surging international crude oil prices.

The biggest beneficiaries are airlines, which are struggling with costs inflation and competition from emerging high-speed railway, said Deng.

Jet kerosene makes up around 30 percent of Chinese airlines' costs, and the country relied on imports to meet 40 percent of its needs for jet kerosene in 2010, he said.