It's being reported that China's Finance Ministry and State Administration of Taxation are studying plans to further adjust fuel consumption tax.

It is said that the government is looking to raise the consumption tax on gasoline and diesel.

Once the adjustments become effective, it will be the fourth round of adjustment since November, 2014.

The most recent consumption tax adjustments took place in mid-January last year.

Back then, the tax on gasoline, naphtha, solvent oil, and lubricating oil was increased to 1.52 yuan or about 25 U.S. cents per liter from 1.4 yuan.

The levy on diesel, jet fuel, and fuel oil was increased from 1.1 yuan per liter to 1.2 yuan.