No increase in gasoline prices, 2% reduction in oil import tax

Instead of increasing gasoline and oil prices, import tax on oil products will be reduced by 2% and the Price Stabilization Fund will also be "discharged" at the rate of 500 VND/liter.

This information was just announced by the Ministry of Finance last night, October 9.

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Specifically, import tax on oil products will be reduced by 2%. With this reduction, diesel will only be subject to a tax rate of 8%, kerosene and mazut will be subject to a tax rate of 10%. The only tax rate that will remain unchanged in this decision is that on gasoline, which will remain at 12%.

In addition, the Ministry of Finance and the Ministry of Industry and Trade also decided to increase the deduction from the price stabilization fund to 500 VND/liter for oil products, instead of 300 VND/liter as at present. The fund usage level for gasoline remains at 500 VND/liter. The time to use the price stabilization fund is from 8:00 p.m. tonight, September 11.

Also according to the new decision, businesses are still not allowed to calculate the standard profit of 300 VND for each liter of gasoline and oil.

Thus, after more than two months of being "anchored" at 10-12%, the import tax on gasoline and oil has been adjusted down for the first time.

Previously, market information showed that world oil prices were still quite high. Although they had hit bottom on September 5 at over 118 USD/barrel, the price of this commodity rebounded shortly after and remained above 122 USD/barrel.

Since the beginning of July, gasoline and oil prices have been continuously adjusted upward. In the most recent adjustment on August 28, the price of RON 92 gasoline increased by VND650/liter. Meanwhile, the prices of oil products also increased by VND300-650/liter, kg./.

(According to vietnamplus.vn)-LT