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Vietnam cuts petrol import tax again
The import tax on gasoline has been lowered to 20 percent from 25 percent from Monday to ease the losses sustained by fuel importers and wholesalers, who are unable to raise selling prices without government approval.
Fuel traders and importers say with the current global petroleum price at around US$60 per barrel, they are losing VND1,000 to VND1,500 (6-9 cents) on each liter of petrol sold.
The Finance Ministry’s import tax reduction, the second in less than a month, is meant to support petrol importers and wholesale distributors, who have been ordered to freeze the retail price of petrol.
Import tax on diesel remains unchanged at 25 percent, under the ministry’s decision.
The ministries of finance and industry and trade last week knocked back a VND1,000 a liter increase in retail petrol prices proposed by fuel traders.
Oil prices hovered near $40 a barrel Monday in Asia but refined gasoline costs $60 a barrel.
Before the latest reduction, the import tax on oil products was reduced to 25 percent from 35 percent on February 10.
vov
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