Vietnam Cuts Import Tariffs on Fuel Oil by 5% to 20%

The Vietnamese Ministry of Finance has allowed the import tax on fuel oil to be cut from 25% to 20%, effective August 30, the government of Vietnam said on its website.

 

The tax reduction is in accordance with the 2.3% to 4.3% increase in global petroleum prices over the last 20 days.

 

The Ministries of Finance and Industry and Trade have decided to allow petroleum traders to raise the domestic retail price of gasoline and diesel by VND1,000 per liter to VND15,700 for gasoline and to VND13,100 for diesel, to raise kerosene by VND850 per liter to VND14,000 and fuel oil by VND300 per kilogram to VND11,800. (chinhphu.vn, New Hanoi)