Vietnam Mulls over New Petrol Price Cut on Global Fall
Vietnamese authorities are considering a new reduction in the pump price of gasoline following a global crude oil price fall.
On Monday, the world crude oil price dropped again after a three-day slight rise. In New York, crude oil for November delivery went down $1.88 per barrel to $61.03 while in London, the rate dipped to $60.45.
An official from the Ministry of Finance said Tuesday that the pump price is likely to cut by VND500 (3 US cents) per liter.
A liter of A92 gasoline now costs VND11,000 following a VND1,000 ($0.06) cut on September 12.
Authorities were keeping a close eye on world crude oil movement to make suitable adjustments, a trade ministry official added.
Last month alone, the Ministry of Finance hiked the import tax thrice from 0 per cent to 15 per cent.
The tax is unlikely to change at this moment.
Government figures show that petroleum importers make a profit of VND700-1,000 a liter despite the 15 per cent import tax, 10 per cent value added tax, and 10 per cent special consumption tax.
Without oil refineries, Vietnam totally relies on imported refined oil.
VNExpress
Vietnamese
