Import taxes on some petroleum products on July 3 increased by 2 percent, the Ministry of Finance announced. It was the fifth time that fuel taxes have changed this year.

According to Circular 109/2012/TT-BTC, tariffs on RON 97 Oil, naphtha, reformate and alpha olefin rose from 10 percent to 12 percent.

Diesel tax was increased to 10 percent from 8 percent and the tariffs on aeroplane fuel and kerosene also rose by 2 percent to 12 percent.

On July 2, the Ministry of Industry and Trade and the Ministry of Finance cut retail prices of petrol, kerosene and oil on the domestic market following a fall in world oil prices. The price for A2 petrol dropped by 600 VND per litre to 20,600 VND (0.98 USD) and by 300 VND per litre to 17,650 VND for fuel oil.

Diesel oil prices fell by VND200 per litre to 19,900 VND, and kerosene fell to 20,050 VND.

Tran Ngoc Nam, deputy general director of the Vietnam National Petroleum Group (Petrolimex), said on July 2 that on the world market, the price of crude oil fell by 1.73 percent to 83 USD per barrel against the previous day, the lowest rate since April last year.-VNA