Bonded fuel oil refers to the bonded marine fuel supplied 

to ships entering or exiting China on international voyages. 

It is exempt from import duty, VAT, and consumption 

tax during import and sales and is stored in specially 

designated tanks, under bonded supervision by customs 

authorities. The underlying assets of SHFE fuel oil futures 

and INE LSFO futures are both bonded fuel oil.

Domestic-trade fuel oil is used by inland river ships 

and ships traveling between domestic inland ports and 

domestic seaports, and is mainly supplied by domestic 

refineries and blended oil producers. If domestic-trade 

fuel oil is produced from the bonded variety, its price will 

be determined as follows:

[(MOPS + discount) × exchange rate × (1 + import 

duty rate) + consumption tax] × (1 + VAT rate) + other 

expenses

Where the VAT rate is 13%, the import duty rate is 1%, 

and the consumption tax rate is 1.2 yuan per liter (about 

1,218 yuan per metric ton) (current as of May 2020)

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