HA NOI — The domestic retail price of petroleum increased by VND646 to touch VND15,586 ( 69 US cents) per litre on May 5, the Ministry of Industry and Trade (MOIT) said.
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The price of E5 RON 92 biofuel also rose by VND634 to touch VND15,076 per litre. The prices of diesel and kerosene went up by VND650 and VND550 to reach VND11,023, VND9,455 per litre, respectively. The price of mazut was VND7,860 per kilogram, increasing by VND323.
The MOIT and the Ministry of Finance also decided to keep the use of the price stabilisation fund for petroleum unchanged at VND639 per litre. Usage of the fund for E5 RON 92 biofuel remained at VND672 per litre, while diesel was at VND846 per litre, kerosene was at VND1,029 per litre and mazut was at VND323 per kilogram.
Statistics from MOIT revealed the retail petrol price in Singapore – the main petrol exporter for Viet Nam – was $54,08 per barrel on May 3. The price was $4 per barrel higher than the previous price adjustment on April 20.
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The local retail price of petrol has gone up twice since the beginning of March.
The director of the Finance Ministry's Price Management Department, Nguyen Anh Tuan, said the calculation of petroleum import tax based on the weighted average of the tariffs had helped reduce the shortcomings of having different import taxes due to commitments made as part of international integration agreements and for consumer benefits.
Tuan also said petrol management has ensured transparency and followed changes in the world market, with consumers now able to supervise the price adjustment.
The Viet Nam Petroleum Association (VINPA) has, however, submitted a proposal to Prime Minister Nguyen Xuan Phuc to lower import taxes to 10 per cent for petrol and to zero per cent for other products.
VINPA said that there were some shortcomings in the calculation as there would always be a difference between the actual import taxes and the weighted average of the tariffs.
In addition, the calculation also directly affected the Dung Quat Oil Refinery, the association said.
The tax reduction could also reduce the State budget's collection, which is why the association suggested increasing domestic taxes, including the special consumption and environment protection taxes.
The current import taxes were 18.35 per cent for petrol, 2.32 per cent for diesel and zero per cent for mazut, according to the calculation of petroleum import tax based on the weighted average of the tariffs. — VNS