Vietnam reduces import tax on petrol, diesel fuel

On September 11, Vietnam’s Ministries of Finance, and Industry and Trade reduced the import tax on petrol and diesel fuel by 2%, from 12% to 10%, to help stabilize retail prices. The two ministries also decided that traders of these products would be given compensation from the price stabilization fund for losses incurred due to prices increases in the world market.
Local petrol dealers recently submitted, for the fifth time, a proposal to the Finance Ministry to increase retail petrol prices by VND1,000 (US$ 0.05) per liter and diesel fuel prices by VND1,300 (US$ 0.06) per liter. If approved, the new retail price would set a new record of more than VND24,000 (US$ 1.15) per liter. (September 17, 2012)