Vietnamese Ministry of Finance (MoF) has recently issued document to adjust preferential import tax for some petroleum products belonging to category 2710 up by 3%.
Accordingly, petrol import tax is raised from 4 percent to 7%, diesel oil import tariff from 3 percent to 6 percent and kerosene and fuel oil (FO) import tax from 5 percent to 8%.
From 2:00 pm on June 7, inter-ministries of finance and industry and trade decided to cut the retail prices of some petroleum products by 650-800 dong/litre or kilogram.
Accordingly, from 2:00 pm June 7, A92 gasoline price decreased 800 dong/litre, from 22,700 dong/litre to 21,900 dong/litre.
Diesel oil price fell 700 dong/litre, from 21,200 dong/litre to 20,500 dong/litre.
Kerosene price dropped 700 dong/litre, from 21,100 dong/litre to 20.400 dong/litre.
Fuel oil (FO) price slipped 650 dong/kilogram, from 18.900 dong/kilogram to 18.250 dong/kilogram.
The spending level from the petroleum price stabilisation fund remains unchanged at 300 dong/litre or kilogram.
The cut on domestic fuel retail prices is seen as an inevitable move as global prices have repeatedly slumped over the last 30 days. Oil price in London closed on June 7 at $85.39 barrel, up 2.23%, which was only $2.08 barrel higher than the bottom it reached on June 1.
Thus, within past month, gasoline price has decreased three times, total 1,900 dong/litre while previously it had experienced two increases (in March and April) total 3,000 dong/litre.