Vietnam scraps import tax as oil hovers above $65

Vietnam has scrapped import tariffs on petroleum products following a recent global surge in prices.

The Ministry of Finance announced Wednesday it would be applicable for importers making customs declarations starting April 7. However, it did not say anything about possible changes in retail prices.

Leaded and non-leaded gasoline, aircraft fuel, solvents, naphtha, reformate, diesel, and other oil products all become import tax-free.

It has been calculated that petrol importers lose VND134 (US$0.01) per liter when world fuel prices reach $65 per barrel.

Thanh Nien Daily