Vietnam Drops LPG Import Duty in Fight Against Inflation

Vietnam has removed a 5 percent import duty on liquefied petroleum gas (LPG) in a move to ease inflationary pressures, the Finance Ministry said.

The ministry has also asked distributors to cut prices immediately, it said in a statement late on March 2, 2012.

LPG distributors have raised prices three times this year, bringing the retail price to a record of nearly 500,000 dong ($24) a 12 kg cylinder.

Vietnam scrapped a 4 percent import duty on gasoline and jet fuel and cut import duties on diesel and kerosene to 3 percent from 5 percent in February.

Vietnam's inflation hit 18.13 percent last year. The government has targeted inflation of between 9 and 10 percent in 2012