Vietnam raises import tax on petroleum products
Vietnam’s Ministry of Finance announced on October 9 that it was raising the import tax on unleaded petrol, leaded petrol, solvent, turbine fuel and lubricants to 20%. Since the world crude oil prices have dropped from US$75 a barrel to around US$60 a barrel, the Ministry of Finance has increased the tax four times in increments of 5% at a time, from zero to the current 20%. The last tax increase was on September 25. On October 6, however, the ministry reduced retail prices of petroleum products, the second price cut
