Gasoline prices hit record highs in many countries of the world, what are governments doing to protect consumers?
According to many economic analysts, if prices continue to rise, it can cause consumers to cut spending, reduce consumption, thereby reducing economic growth. “High long-term energy prices, energy allocation risks and the ongoing economic downturn,” said Livia Gallarati, oil market analyst at Energy Aspects (UK).
In the Vietnamese, In the context of the world oil market which continues to be complicated, and the price of crude oil on the world market which tends to increase, the Ministry of Finance has officially agreed to reduce the environmental protection tax rate to support the public and the business world. In particular, the reduction for gasoline is 2,000 VND/litre; diesel, fuel oil, lubricating oil is 1,000 VND/liter; fat is 1000 VND/kg; kerosene is 700 VND/liter.
In the UNITED STATES OF AMERICA, Currently, the average price of gasoline has reached a record 1.13 USD/litre. Researcher from Again Capital fund (USA), John Kilduff said, gasoline prices in the US could reach 1.32 USD / liter by the end of May. Many drivers in the US are considering cutting costs. Besides having enough money to pay for fuel. travel needs. The administration of US President Joe Biden has been trying to prevent a hike in gasoline prices by freeing up millions of barrels of crude to produce gasoline.
According to the RAC Automotive Service Center (UK), at Brother, Gasoline prices rose to 1.58 pounds / liter equivalent to 2.06 USD / liter, this is the highest level ever. The UK government recently said it would do everything to support prices to support people. According to the Independent (UK), the UK government is considering reducing VAT on gasoline by up to 15%.
According to the Irish Mirror website, gas prices in Ireland has increased to 2.18 USD/litre, this is the highest price increase recorded in Ireland. To support consumers across the country, the Irish government will temporarily reduce the gasoline excise tax from March 9 to the end of August to ease the burden caused by the rapid rise in gasoline prices. Specifically, the excise tax will be reduced by 20% per liter of gasoline and 15% per liter of diesel.
Apart from Ireland, Portugal will also reduce fuel taxes to deal with an unprecedented spike in energy prices. According to the Irish Mirror website, the price of gasoline in Portugal is currently $2.73 per liter. According to research expert at the Portuguese Center for Renewable Energy, Dr. Paul Deane, this is the highest upgrade ever.
According to the National Post, gasoline prices hit a record high in Canada with an average of 1.85 USD/liter. Economist at Laval University (Canada), Mr Stephen Gordon, said that the people who are suffering the most from record high gasoline prices are low income people. Therefore, the Canadian government is studying to reduce fuel taxes to reduce heating gasoline.
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