China is cutting import taxes on gasoline, diesel oil, fuel oil and other oil products. It's the second reduction this year.

The gasoline tax has dropped from 5 percent to 1 percent; fuel oil, from 6 percent to one.

Kerosene used in air service and diesel will enjoy a zero tax rate. Over 33 products are on the list, mostly in the field of energy and raw materials. A state tax official says consumers could benefit.

Liu Zuo, State Taxation Administration, said, "Most of these items are resources or raw materials. Lowering their import tax will be reflected in the cost of production, including the prices. Of course, it doesn't necessarily mean that prices will come down when the taxes are lowered. But at least it will help bring down the prices."

(CNTV.cn July 2, 2011)