Increase import taxes, but do not reduce gasoline prices.

On May 8, 2013, the Ministry of Finance issued Circular No. 58/2013/TT-BTC amending the preferential import tax rates for certain petroleum products.

Accordingly, from May 8th, import tax on gasoline will increase from 16% to 19%; import tax on diesel fuel for automobiles and other diesel fuels will change from 12% to 14%; and import tax on fuel oil will increase from 14% to 15%.

As of May 7th, the average 30-day base price was more than 400 VND/liter lower than the retail price of Ron 92 gasoline, more than 200 VND/liter lower than the retail price of diesel and kerosene, and nearly 400 VND/kg lower than the retail price of fuel oil.



Previously, on April 26th, the Ministry of Finance and the Ministry of Industry and Trade jointly requested leading enterprises to reduce gasoline prices by at least 301 VND/liter; diesel prices by at least 90 VND/liter; and kerosene prices by at least 81 VND/liter. The price of mazut oil remained stable.

Shortly afterwards, the Vietnam National Petroleum Group (Petrolimex) announced a reduction of 310 VND/liter for gasoline to 23,830 VND/liter and 100 VND/liter for diesel and kerosene to 21,250 VND/liter and 21,300 VND/liter respectively.

At 6 PM Vietnam time tonight, the price of light sweet crude oil on the New York market was fluctuating around $95.55 per barrel, while the price of Brent crude oil was at $103.78 per barrel.

According to VN Economy - TH