Vietnam cuts import duty on petrol, oil products
HANOI - Vietnam has cut import taxes on petrol, naphtha, reformate
and other products used for blending petrol to 20 percent from 30 percent, state-run
media reported on Tuesday.
A Finance Ministry directive said the import duties on kerosene and diesel were also
lowered to zero from 10 percent and five percent respectively, the Thanh Nien (Young
People) newspaper said.
The new rates came into effect last
Friday.
Vietnam's finance ministry often
adjusts import duties on petrol and
other oil products according to world
energy price movements. The import
of energy products comes under the
state import monopoly.
Oil prices dropped four percent on
Monday on expectations more
supplies will reach the market in the
next few weeks.
Vietnam exports crude oil and
imports most oil products as it has no
major refineries.
The Southeast Asian nation this year will import an estimated 10 million tonnes of fuel
and oil products worth $2.02 billion, up 11.1 percent in volume and 10.4 percent in
value from last year, government figures said.
Reuters - December 31, 2002.
|