5:31:18 PM | 4/11/2008
The Vietnamese Ministry of Finance will halve tax on crude oil exports to 10 per cent Nov 8 in government efforts to support crude oil exporters as global oil prices are on downtrend triggered by the financial crisis trimming energy demand, Thoi Bao Kinh Te said on Oct 31.
The government-run General Statistics Office last week said Vietnam is expected to have shipped 1.104 million metric tons of crude oil, equivalent to 261,042 barrels a day in Oct, down 12.5 per cent on year.
Crude oil exports are estimated at US$700 million in Oct this year, down 14.3 per cent, GSO showed.
Vietnam also cut by an additional VND500 of retail prices of 92-octane grade gasoline to VND15,000/liter from VND15,500/liter on October 31.
According to Bloomberg, world oil price of futures contracts was traded down 2.58 per cent at US$64.26/barrel Oct 30. (Vietnam Economic Times)
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