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Gov't halves import duty on unleaded gasoline

VGP - From August 8, import tax rate for unleaded motor gasoline shall be reduced to 10 percent from 20 percent, according to a recently-issued Decree.

Posts Thuy Dung

August 09, 2022 3:12 PM GMT+7
Gov’t agrees to halve import tax for unleaded motor gasoline - Ảnh 1.

Previously, taxes and fees accounted for around 42-43 percent of retail gasoline price and 21-27 percent per liter of retail oil prices.

Currently, taxes and fees make up 19.4-22 percent of retail gasoline price and 11.05 percent of retail oil price following two rounds of environmental tax protection reduction in April and July.

On August 1, Viet Nam's gasoline prices dropped 1.8 percent to the lowest since February 21 as global rates declined.

A liter of popular RON 95 gasoline now costs VND25,600 ($1.10), while that of biofuel RON 92 E5 costs VND24,620.

This means prices have fallen 21.3-22.1 percent since this year's peak on June 21.

Prices of diesel and kerosine also dropped 2.9-4 percent Monday.

Viet Nam spent more than US$475 million and US$826 million to import oil and petrol in 2021 and in the first five months this year, respectively./.