Vietnam Considers Fuel Import Tariff Cut

Vietnam is considering a plan to eliminate tariffs on fuel imports in response to soaring domestic prices, which have been driven by disruptions to global oil supplies due to the US-Israeli conflict with Iran. The Vietnam===Ministry of Finance (Vietnam) has drafted a decree to slash import tax rates to zero on petroleum products, aiming to stabilize the domestic market and ensure national energy security. Gasoline prices in Vietnam have risen 21% to 27,040 Vietnam===Vietnamese đồng per litre, the highest since July 2022, while diesel prices have surged over 50%. The crisis in the Middle East has pushed Petroleum prices to nearly $120 a barrel, a level not seen since Russia's invasion of Ukraine in early 2022. The proposed tariff decree, if approved, would be effective until the end of April.