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Gov’t cuts gasoline import tax as global prices rise   2009-02-19 - ThanhNien

The Ministry of Finance has lowered the import tariff on gasoline to 20 percent from the current 25 percent after prices of some petroleum products rose on the global market.


The increase takes effect on February 23, according to a press release the ministry issued Thursday.

The reduction, the third since late January, comes after many importers said they are making losses selling fuel.

The ministry has told retailers not to increase the prices of gasoline, diesel and engine oil, and to keep a close eye on global prices. It has ordered them to cut kerosene prices.

The ministry has also allowed oil traders to defer repayment of government loans due in February and March, the release said.

In the world market, crude oil is at around US$37 per barrel but gasoline costs $60.

Vietnam exports around 16 million tons of crude oil a year but imports all its refined oil products.

Its first oil refinery at Dung Quat is expected to begin distribution on February 22.

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