Asia naphtha margin falls on speculation that Japan could reduce tax breaks on naphtha cargoes

Naphtha margins in Asia fell to US$130.70/ton; the lowest in at least two weeks on speculation that Japan may recommend reducing tax breaks on naphtha cargoes, as per Bloomberg. Japan is one of the biggest importers of the fuel in Asia. A Japanese government tax panel will recommend reducing tax breaks on procurement of naphtha to help offset a proposed cut in corporate tax. The tax breaks amount to 3.7 trillion yen (US$46 billion). Naphtha crack spread was US$135.90/ton at the end of Asian trading on Oct. 12. Open-specification naphtha for delivery to Japan fell 1.3% to US$761.75/ton.
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