A customer buys petrol at a petrol station of Vietnam National Petroleum Group (PLX) in Ha Noi. Deputy Minister of Finance Ta Anh Tuan speaks to local media about this issue. Since the beginning of the year, gasoline prices have fluctuated greatly. What measures has the MoF introduced to stabilise petrol prices? World petroleum prices have had complicated fluctuations from the beginning of 2022 until now, due to the recovery of large economies in the world along with impacts from the Russia-Ukraine conflict and Covid-19 pandemic. The MoF, a price managing agency of the Government, is very worried about the impact of increased gasoline prices on controlling inflation in 2022. To stabilise gasoline prices and minimise the negative effects of the petrol price increases, the ministry has recommended that Government and the National Assembly Standing Committee reduce some kinds of tax imposed on gasoline products. The ministry has submitted proposals to the National Assembly and the Government to reduce the environmental protection tax rate by 50 percent for jet fuel, gasoline (except ethanol), diesel oil and lubricants, and by 70 percent for kerosene. This reduction of environmental protection tax will reduce the domestic oil and petrol prices by between VND770… Read full this story
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