HANOI, Sept 11 (Reuters) - Vietnam will cut its import duty on fuel by 2 percentage points to avert further increases in retail prices, a state-run newspaper said on Tuesday, after oil product importers asked for government approval to raise prices.
But the Saigon Tiep Thi (Saigon Marketing) newspaper did not detail the new duties or say when the cuts would take place in its online report, which quoted sources at the finance and trade ministries. (www.sgtt.com.vn)
The import duty has been 12 percent on petrol, kerosene and fuel oil since July 3, and 10 percent for diesel.
Four fuel distributors had sought Finance Ministry approval to raise retail prices by up to 1,300 dong (6.2 U.S. cents) per litre by Monday, following three consecutive increases last month, the newspaper said.
The Ho Chi Minh Stock Exchange’s VN Index lost 0.58 percent to end Tuesday at 386.62 points as investors were made cautious by the prospect of a possible fuel price hike and lingering concerns over recent arrests of financial executives. ($1=20,830 dong) (Reporting by Ngo Thi Ngoc Chau; Editing by Clarence Fernandez)