Vietnam Decreases Import Tax on Liquefied Petroleum Gas
Dec. 21 – Vietnam decreased its import tariff on liquefied petroleum gas (LPG) on Friday from 5 percent to 2 percent.
A circular from the Finance Ministry said the move was aimed at stabilizing gas prices after a period of sharp fluctuations.
Vietnam currently imports 60 percent of the country’s demand, with the remaining 40 percent supplied by the Dung Quat Refinery in Quang Ngai and the Dinh Co. Plant in Ba Ria – Vung Tau.
Immediately after the Ministry of Finance issued the circular, Saigon Petro cut its retail cooking gas prices in response to the lower cost of inputs.
A 12-kilogram LPG cylinder now costs VND322,000 (US$17), down VND8,000 from earlier pricing.
Other cooking gas suppliers such Petrolimex Saigon and Vinagas said they would also lower their retail prices.
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