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Tariff on fuel oil cut by 5%
Import tax on mazut fuel oil has been reduced from 35 per cent to 30 per cent while duties on other petrol products remain unchanged at 20-25 per cent.
The Ministry of Finance decision- to come into effect on June 5- is aimed at stabilising retail oil prices on the local market in the face of increasing global prices.
It follows requests from several oil importers for permission to increase oil retail prices, which the ministry declined.
Instead, the ministry waived the importers’ contributions to the price stabilisation fund.
The importers had claimed they were suffering losses because of rising oil prices on the world market and import tariffs.
Oil prices in Asia increased to above US$68 a barrel yesterday after rising over the past seven months and doubling since March.
The rise stemmed from investors’ switching to safe havens oil and gold on expectations the massive global fiscal stimulus could spark inflation.
Viet Nam spent $10.8 billion to import 12.7 million tonnes of petroleum products last year.
The country’s first oil refinery in Dung Quat in central Quang Ngai Province came into production in February. It is tipped to counter the global oil price rise.
Dung Quat churned out its first 5,000cu. m of kerosene late last month with the target of producing A90, A92 and A95 petrol at the beginning of June.
The plant’s capacity of 6.5 million tonnes a year is expected to be reached by the end of June, at which point it would meet 50 per cent of the domestic fuel demand.
vietnamnews
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