The Vietnamese Ministry of Finance has raised import tariffs on petroleum products to combat reductions in government revenues following the oil price slump.
The tariff on kerosene and gasoline has been increased from 15% to 20%. Diesel will now be subject to a 15% tariff instead of the 10% tax previously levied. Although Vietnam is not heavily reliant on revenue generated from the sale of petroleum products, oil prices slumping to USD60 a barrel have worried Vietnamese officials.
The Finance Ministry insisted that the changes would not have a knock-on effect on consumers, stating that retail fuel prices would be closely monitored within state-run distributors. The changes were effective from Tuesday.
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