Fuel oil is one of the most market-driven petroleum and petroleum 

products in China. The updated petroleum pricing scheme released on 

October 15, 2001 by the former State Planning Commission (now the 

National Development and Reform Commission) abolished the pricing 

restrictions on fuel oil, allowing its circulation and price to be entirely 

driven by market forces. This change has helped align its domestic 

price with the international market and promoted its internationalization.

Most of the fuel oil consumed in China is marine fuel. China’s marine 

fuel market can be divided into the domestic-voyage segment and the 

bonded fuel segment. Supply for the former segment mainly comes 

from domestic refineries and blending companies, while that for the 

latter comes almost exclusively from import. The tax rebate policy for 

fuel oil exports is expected to change the supply of bonded marine fuel 

in China.

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