The Ministry of Finance raised the import tax on petroleum to 10 per cent yesterday in response to falling global oil prices. Under a new decision signed by Deputy Minister of Finance Truong Chi Trung, the import tax on lead-free petrol and leaded petrol, solvent, turbine fuel and lubricants will be raised from 5 per cent to 10 per cent.
The Ministry of Finance raised the import tax on petroleum to 10 per cent yesterday in response to falling global oil prices.
Under a new decision signed by Deputy Minister of Finance Truong Chi Trung, the import tax on lead-free petrol and leaded petrol, solvent, turbine fuel and lubricants will be raised from 5 per cent to 10 per cent.
Taxes imposed on kerosene and diesel fuel will remain at zero per cent, and the Government will still compensate price-controlled dealers of these products for their losses.
The Ministry of Finance said that the increased import tax was based on the increasing stability in the global price of oil. Current world oil prices are at around US$67 per barrel at
For more than 20 days, the world price fell below $64 per barrel. The Ministry of Finance increased the import tax from zero per cent to 5 per cent in late August after reducing the retail petrol price by VND1,000 per litre.
(Source: VNS)
