The Ministry of Finance lowered the import tax on gasoline and other fuel products Wednesday following claims of losses by importers and wholesalers who cannot raise prices without government approval.

The tax on gasoline falls from 20 percent to 17 percent and that on kerosene and diesel, from 15 percent to 10 percent.

The decision was made after gasoline prices soared to US$90 a barrel Monday in Singapore, a major supplier to Vietnam.

Fuel traders and importers said they are losing VND1,000 (5 cents) on each liter of gasoline they sell.

The ministry has ordered a freeze on petrol retail prices until the end of June, fearing any price hike would have a knock-on effect on other prices.

Gasoline pump prices have gone up twice this year, with A92, the most popular variety, and A95 standing at VND16,990 (90 cents) and VND17,490 (92 cents) a liter now.

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