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Petrol wholesalers want import taxes reduced
Wholesalers have asked the Finance Ministry to reduce the import tax for petrol, diesel oil and kerosene.
They complain that the taxes - 17 per cent for petrol and 10 per cent for diesel oil and kerosene - are too high.
Further the tax rate has not been changed since April 2010 while the price global price of petrol has increased continuously.
The petrol-price-stabilisation-fund has not staunched all their losses, say the wholesalers.
The Finance Ministry instructed the wholesalers not to raise the petrol price at the end of October.
But they have been able to use the VND500 billion ($26.3 million) petrol price stabilisation fund to compensate their losses.
The subsidy is VND550 per litre of petrol and diesel.
For kerosene it's VND700 per litre and VND250 per litre for fuel oil.
The price of each A92 petrol barrel is $94.02.
For diesel its $101.95 per barrel and $102.39 for kerosene.
The wholesalers say at this price they lose VND1,700 per for each litre of petrol; VND1,500 for diesel and VND1,800 for kerosene.
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