14:31 | 27/03/2016 Trade
The Ministry of Finance on late March 18 issued Circular No. 48/2016/TT-BTC amending preferential import rates for certain petrol and oil products listed in Group 27.10 in the preferential import tariff.
Accordingly, import tariffs for oil products have officially dropped from 3-6% since March 18, depending on each item, while the preferential import tax rate of 20% remains for mineral petrol and biofuel.
Under the new circular, import duties for diesel, biodiesel, mazut, jet fuel and fuel for aircraft engines are currently at 7%, down 3% compared to the tax rate at the beginning of 2016. Meanwhile, import tariff for kerosene saw a sharp decline of 6%, down from 13% to 7%.
According to the ministry, stipulating preferential import tariffs for certain petroleum products aims to harmonise preferential import tariffs prescribed in the Most Favoured Nation (MFN) treatment and special import tariffs offering in regional and bilateral trade agreements.
New basic prices for petrol and oil products are expected to be announced later today under regulations. The base price is calculated based on the average world price within 15 days prior to the day of setting the domestic price./.