Vietnam scraps gasoline and jet fuel import duty

Vietnam scrapped a recently imposed 4% import duty on gasoline and jet fuel to help ease pressure on retail prices and keep inflation under control. Import duties on diesel fuel and kerosene were also reduced to 3% from 5% previously, the Finance Ministry said in a statement. Importers are finding it increasingly hard to pass on increased costs to consumers as the Vietnamese government has been reluctant to allow petrol distributors to raise pump prices, a gasoline trader said. Vietnam has kept retail prices for diesel fuel steady to manage inflation, while Brent crude prices have risen by about 9%. (February 21, 2012)