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MoF lifts import tax on petrol today

Update: February, 21/2012 - 12:18

HA NOI - The Ministry of Finance decided to exempt the import tax on all kinds of petrol starting today to avoid petrol dealers from raising their retail prices, according to a Ministry of Finance's circular issued this morning.

The previous tax rate of 4 per cent has been imposed for nearly two months.

Under Circular 25/2012/TT/BTC, an import tax on diesel oil will also be cut from the current 5 per cent to 3 per cent. However, the ministry will keep the import tax rate on lubricated oil unchanged at 5 per cent.

Besides the tax adjustment, petrol and oil retailers are also allowed to use money from the Price Stabilisation Fund to offset a part of their losses, the ministry said.

The ministry said it made the move to stabilise the domestic petrol and oil market in a context of rising oil prices in the global market over the past few weeks. Imported oil prices in Singapore, the main source of Viet Nam's imported petrol and oil, have risen sharply for the past 20 days. The oil prices reached US$130 per barrel, up nearly 6 per cent against January.

Domestic petrol retailers said that they were suffering a loss of more than VND1,000 per litre. - VNS

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