The government today cut fuel prices for a fourth time this month but increased fuel import tariffs as global crude oil prices continue to decline.
The retail prices of gasoline have become 3.1 percent cheaper. The most popular variety, 92-octane gasoline, now costs VND15,000 (US$0.9) a liter, down from VND15,500, while 95-octane gasoline costs VND15,500. Diesel is down by 3.4 percent at VND14,000, and kerosene by 3.1 percent to VND15,500.
The Ministry of Finance has increased import tariffs on gasoline to 15 percent from 5, kerosene to 15 percent from 10, diesel to 10 percent from 0, and mazut to 15 percent from 0. The ministry said it would also halve export tax on crude oil to 10 percent from November 8.
The cut is aimed at helping Vietnamese exporters in the face of falling global prices, the newswire VnExpress reported. Crude oil prices have tumbled 53 percent from a record $147.27 a barrel in New York on July 11 as the global economic crisis hits demand.
Vietnam is estimated to have exported 1.104 million tons in October, down 12.5 percent year-on-year, according to the General Statistics Office. They were valued at $700 million, down 14.3 percent, the GSO said.
Vietnam, Southeast Asia’s third-largest crude oil producer, still imports most of its oil needs due to a lack of refineries. Its first oil refinery in the central province of Quang Ngai is expected to go on stream next February. (Thanh nien)
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