China cuts fuel prices for the first time in almost two years after crude oil slumped, Bloomberg reported on Thursday. The ex-factory price of gasoline was lowered by 14% to 5,580 CNY (816 USD) a metric ton, diesel by 18% to 4,970 CNY and jet fuel by 32% to 5,050 CNY, according to the report. The cuts will take effect on Friday, the economic planner said. A plan to increase fuel consumption taxes was also approved, official said. The gasoline consumption tax will rise to 1 CNY a liter from 0.2 CNY and the levy on diesel will climb to 0.8 CNY from 0.1 CNY. The tax changes will be effective on 1 January.