Vietnamese Ministry of Finance has issued the benchmark of petroleum import tariff in correspondence to the world’s oil prices. This is the basic tariff framework to impose for each period.
Under it, the highest import tariff will be 30 percent applied on gasoline and jet fuel if the gasoline price stands at $45-60 a barrel. At the price range, the import tariff on diesel and kerosene will be 25 percent at maximum.
At the price range between $60-75/barrel, the tariff will be 25 percent on gasoline and 20 percent on kinds of oil. At $75-95/barrel, the tariffs will be 15 percent and 10 percent.
The prices taken to calculate Vietnam’s petroleum import tariff are from Singapore market’s Plat’s, in 30 days before the tariff adjustment decision was issued.
When the world’s petroleum price slumps below $45 or exceeds $95 a barrel, the finance ministry will issue the particular tariffs for each case. However, the tariff will be no more than 40 percent.
Compared with the previous tariff framework, this benchmark is simpler with three tariff levels instead of 7-8 levels. The highest import duty is also adjusted down from 40 percent to 30 percent.
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