Gasoline import tax to increase from 7pct to 10pct

22-Jun-2012 Intellasia | DVT | 8:07 AM

As per document from the Ministry of Finance (MoF) on ruling petroleum business operations, the ministry will resume import tax on gasoline by 3 percent and oil by 2%.

Particularly, gasoline import tax will increase from 7 percent to 10%, diesel from 6 percent to 8%, kerosene and fuel oil (FO) from 8 percent to 10%.

The increase of petroleum import tax takes place after ministries of finance and industry and trade have just issued a document guiding the reduction of petroleum prices by 300-700 dong/litre from 4:00 pm June 21. Accordingly, gasoline price will fall 700 dong/litre to 21,200 dong/litre and diesel down 400 dong/litre to 20,100 dong/litre.

Thus, since the first petroleum price reduction this year (May 9), petroleum import tax has restored from 0 percent to 8-10%.