Vietnam raises fuel import taxes again

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The Finance Ministry has raised gasoline import taxes from 7 percent to 10 percent following a recent cut in retail prices.

In a new circular issued on June 22, the ministry also stipulates that import tax on diesel oil will increase from 6 percent to 8 percent, while import tax of kerosene and mazut - a heavy, low quality fuel oil, used in generating plants and similar applications - will also go up from 8 percent to 10 percent.

It is the fourth time the ministry has revised fuel import taxes this year. At the beginning of the year, they had been decreased to zero percent, and then increased the twice.

On June 21, the ministry cut gasoline retail prices for the fourth time this year as global oil prices dropped to their lowest in eight months.

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Dip in global prices allows another fuel price cut in Vietnam

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The price of 92-RON gasoline, the most common grade of fuel in Vietnam, was reduced by 3.2 percent to VND21,200 a liter. Other fuel products, including diesel and kerosene, had their prices cut by between VND300 and VND400 per liter.

The reduction of fuel retailing prices and the increase of fuel import tax came after local media reported that fuel traders were making hefty profits due to falling global prices.
 

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