The Finance Ministry on December 4 increased the maximum preferentialimport duty on oil and petrol by 10 to 15 percent to touch 40 percent.
Thisis to compensate for the State budget's loss in the wake of a sharpdrop in oil prices in the global market. Vietnam is a crude oilexporter with an export volume of 1.3 million tonnes last year.
Underdirective 17728/BTC-CST, the highest import duty will be imposed if thepetrol, kerosene, diesel and mazut prices listed by Platt in theSingapore market are below 60 USD per barrel within 15 days on averagebefore the tariff revision day.
When Platt's price isbetween 60 USD and 75 USD per barrel, the maximum import duty will be 35percent on petrol and kerosene, and 30 percent on diesel and mazut.
Theimport duty will be reduced to 25 percent for petrol and kerosene, andby 20 percent for diesel and mazut, if Platt's prices fluctuate around75 USD to 95 USD per barrel.
The lowest import duty of 15 to 20 percent will be imposed when a barrel of fuel costs more than 95 USD.
Accordingto the previous regulations, the maximum preferential import duty onpetrol and gasoline was only 30 percent if the product's price in theSingapore market was 45 USD to 60 USD per barrel. The rate for dieseland mazut was only 25 percent.
According to the ministry,the maximum preferential import duty is among the references for theministry to consider issuing guidelines on the detailed import duties onpetrol and oil products.
Domestic petrol and oil importers often depend on the duty to build their business plans.
Theoil price in the global market has dropped sharply from 105 USD perbarrel in late July to 68.53 USD late last month, the lowest in the pastfour to five years.
Minister of Government Office NguyenVan Nen said at a recent press conference that the State budget willlose 1 trillion VND (46.948 million USD) if the global oil price isreduced by 1 USD.-VNA
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