Vietnam Yet Cuts Petrol Prices, Mulls over 5 per cent Import Tariff Hike
The Vietnamese Ministry of Finance and Ministry of Industry and Trade are considering raising diesel and kerosene import tariffs by 5 per cent while refusing to reduce domestic petroleum prices at this moment amid global petrol price hikes.
If agreed upon, the import taxes on kerosene will be increased to 35 per cent from the current 30 per cent and diesel to 25 per cent from the current 20 per cent, the VnExpress daily reported July 21.
Under Vietnam’s current petrol price regulation mechanism, petrol prices should be raised or reduced only after 20 days of consecutive rising or falling prices in the world market, the ministries said.
Recently, global petrol prices fell continuously for 15 days but have been rising slightly in recent days, the ministries said.
Petrol traders are making hundreds of Vietnamese dong per liter of kerosene and diesel in profits.
The ministries will consider a petrol price cut if the global prices continue to fall in the near term.
Currently, prices of gasoline A92 are set at VND14,200 per liter, gasoline A95 at VND14,700 per liter, kerosene at VND13,650 per liter, mazut 3 S and mazut 3.5 S at VND10,500 per liter, and diesel at VND12,100 per liter.
The Ministry of Finance said the state-owned Vietnam National Petroleum Corp (Petrolinex) made a net profit of VND200 billion from petrol trading in the first six months of this year thanks to its petrol temporary imports and re-exports. (VnExpress)
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