Chinese Finance Minister Jin Renqing said Wednesday the government is determined to levy fuel tax but needs to find an "opportune time."

The launch of fuel tax would help cut consumption of gasoline and diesel oil and preserve the environment, Jin told a press conference on the sidelines of the ongoing annual parliament session.

"We already put in place plans to replace road tolls with the fuel tax several years ago," he said.

However, the minister explained, it's not the right time to roll out the fuel tax now because China still needs to consider the price factor.

"Although the fuel tax will not increase the burden of consumers as a whole, it will result in more tax payment from taxi drivers if the present taxi fare remains unchanged," said Jin.

"If we don't raise the taxi fare for the benefit of the ordinary people, car users will have to pay more."

To maintain a stable price, "we need further study on how to balance the interests of various social groups," said the minister.

He said it's also unwise to roll out the fuel tax when oil price is soaring on the international market.

International oil price has jumped from 20 US dollars per barrel to top 45 US dollars, or the highest of 60 US dollars.

"To levy the fuel tax when oil price stays at such a high level may add the costs of businesses and affect the country's economic development," he added.