China to raise oil product consumption tax

China will raise the consumption tax on oil products from Saturday, the first adjustment since the previous increase in 2009, the country's top finance and taxation departments jointly announced Friday.

The consumption tax on gasoline will rise from 1 yuan (0.16 US dollar) to 1.12 yuan per liter while that on diesel from 0.8 yuan to 0.94 yuan per liter, according to the Ministry of Finance and the State Administration of Taxation.