Import tariff on petrol and oil cut sharply

The Ministry of Finance on April 13th issued decree 48, modifying the preferential import tariff on some petrol and oil products.

Accordingly, from April 14th, preferential import taxes on petrol and kerosene have been cut from 35% to 20% while those of diesel lowered to 20%, replacing the current rate of 30%. Fuel oil had an import tax rate reduction from 35% to 25% and fuel for aircraft decreased from 25% to 10%.

Under the decree, biological petrol (E5, E10) and biological oil (B5, B10) had the same preferential import tax of 20% as that of petrol and mineral oil, to encourage production and mix of domestic bio fuels.

According to the Ministry of Finance, the issuance of the decree aims to ensure the application of environmental protection tax (from May 1) but not affect petrol and oil sale prices.

According to resolution 888a/2015/UBTVQH13, modifying and amending resolution 1269/2011/UBTVQH12 on environmental protection tariff, issued on March 10th, 2015, the tariff will be raised from May 1st, 2015.

Specifically, the tariff level applicable to petrol and fuel for aircraft will be lifted from VND1,000-VND3,00 per litre. It will increase from VND500 to VND1,500 per litre for diesel and from VND300 to VND900 per litre for fuel oil. The tariff rate of VND300 per litre will be kept stable for kerosene/.

( Compiled by VNF )