Vietnam has prolonged fuel tax relief measures by three months to end-September, keeping in place suspensions of environment and special consumption taxes alongside reduced import tariffs on crude oil and refinery feedstocks as it manages market disruption from the Iran war.
MONTREAL (Oil Monster): Vietnam's government has extended its suspension of some fuel taxes and cuts to other levies by three months until the end of September, the Ministry of Industry and Trade said on Wednesday.
The extensions of the suspension of environment and special consumption taxes and the cuts to import tariffs on crude oil and other feedstocks for refineries were set out in a government resolution issued on Tuesday, the ministry said in a statement.
Also Read
Vietnam State Oil Company Urges U.S. Navy to Allow Tanker Through Blockade Oil Falls as Investors Focus on Potential Iran-U.S. Talks in DohaThe fuels affected include refined petroleum products, crude oil and jet fuels, according to the ministry's statement.
The tax suspension and cuts have been in place since late March as the Southeast Asian country sought to stabilise its market given supply disruptions caused by the Iran war.
Vietnam extended the suspension of some fuel taxes and cuts to other levies by three months, keeping the measures in place until the end of September.
The government is suspending environment and special consumption taxes on fuels and cutting import tariffs on crude oil and other feedstocks used by refineries.
The measures apply to refined petroleum products, crude oil and jet fuels, according to the ministry's statement.
The tax suspension and cuts have been in place since late March.
Vietnam introduced the measures to stabilise its domestic fuel market amid supply disruptions caused by the Iran war.
Courtesy: www.reuters.com
