Finance Ministry reduces petrol import tariff

The Ministry of Finance has issued instructions to reduce the petrol import tariff by 0-3 per cent from the current level of 4-5 per cent, from February 21.

Finance Ministry cuts petrol import tariff to help lower domestic retail prices (Photo: SGGP)

Fuel gasoline, including leaded and unleaded type, will be taxed zero per cent instead of four per cent at present. Diesel tax rates will also fall to three per cent from the current five per cent.

The tax rate cut aims to ease pressure on the hike in domestic retail gas prices, affected by increase in world prices.

According to business calculations, world gasoline price has moved up by 0.89-5.18 per cent since the beginning of February. With the present price of VND20,800 a litre on Ron 92 gasoline, businesses are suffering a loss of VND1,000 per litre.

In related news, the Ministry of Industry and Trade has instructed the Department of Market Management to work with relevant authorities to step up investigation, and crackdown on violations in petrol trade and petrol quality.

Wholesale businesses must be held responsible for quality of petrol being distributed; from importing, stocking and transporting to agencies and petrol stations.

According to the ministry, market management departments in provinces and cities have handled 237 cases of violations in petrol trade, 37 of which related to sub-standard quality of petrol.

By Ngoc Quang – Translated by Hai Mien

Other news

Most view


VNPT & SeABank cooperate to enhance connections

The Vietnam Posts and Telecommunications Group (VNPT) and SeABank just co-signed cooperation agreement, aiming to develop the two sides’ economic, business and investment potential.


HCMC focuses on safe pig breeding chain

The HCM City department of agriculture & rural development has just held conference about the sustainable pig breeding and safe pork production market in HCMC.

Self - introduction

VNPT targets to be leading digital service provider in Vietnam

The grand opening ceremony of the VNPT-Information Technology Company (VNPT-IT), a new member of the Vietnam Posts and Telecommunications Group (VNPT), was held yesterday in Hanoi. With thousands of IT engineers and the focus on developing state-of-the-art technological products related to Artificial Intelligence (AI), Bigdata, and Blockchain, the new company is considered the main force to help VNPT fulfill the goal of becoming a leading digital service provider in Vietnam and an important Digital Hub of the neighborhood as well as the world.

Stock market

STK to issue 10.8million shares

The shareholders of Century Synthetic Fiber Corp (code: STK) have approved plan to issue 10.8 million shares.