China may indirectly cut tariffs on imported crude oil by returning to refineries 75% of the 17% it currently taxes them, the Guangzhou Daily reported, citing an unnamed government official. The rumor comes after China’s top two oil companies – PetroChina and Sinopec – lobbied the government to grant subsidies to cover operating losses. Sinopec earlier said it loses US$286 (RMB2,000) for every ton of crude it processes at current global prices due to government ...