China will lower duties on petroleum imports starting July 1, the Ministry of Finance said in a notice on Friday.

3) China to cut import tariffs on oil products

China will lower duties on petroleum imports starting July 1, the Ministry of Finance said in a notice on Friday.

Import tariffs for diesel and jet fuel, currently six percent, will be eliminated entirely, and those on gasoline and fuel oil will be cut to one percent from three percent, according to the notice.

The cuts aim to increase imports of the much-needed fuels, easing trade imbalances and boosting emergency reserves of certain disaster-relief products, the ministry said.

Lower import duties will also help alleviate inflationary pressure caused by rising oil prices, which affect everything from the price of plastic to transportation costs.

The Ministry said it will also cut import tariffs on textile products and raw materials, including 33 commodities.

The cuts would be the second time China has substantially lowered import tariffs this year.