Vietnam raises duty on oil imports

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Nhân dân English - 29 month(s) ago 13 readings

Vietnam raises duty on oil imports

Nhan Dan - The Ministry of Finance raised the import duty on refined oil products from 0% to between 2% and 3% yesterday following a decision to cut fuel prices.

According to Circular No. 72/2012/TT-BTC, the import duty for kerosene and fuel oil was increased from zero to 2% while petrol and diesel rose to 3%.

Earlier on May 9, the prices of petrol and diesel were cut by VND500 and VND300 per litre respectively while kerosene and mazut remained unchanged.

The fuel price cuts were made as global oil prices fell sharply to below US$100 per barrel.

The tax increase will boost State budget revenues while the price reduction will help bring down production input costs and consumer prices.

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