The Ministry of Industry and Trade offers 3 solutions to lower gasoline and oil prices

About solutions to stabilize gas price domestic oil prices in the context that world prices have continuously peaked in the past few days and are expected to continue to increase in the coming days, said Tran Duy Dong, Director of the Domestic Market Department, the Ministry of Industry and Trade has a scenario cope with.

According to Mr. Dong, in order to well manage the market in general and gasoline prices in particular, the Ministry of Industry and Trade has given drastic and decisive directions to ensure supply as well as flexibly use supporting tools such as funds and funds. stabilize petrol, propose to reduce taxes and fees…

In the coming time, according to Mr. Dong, if gasoline prices continue to rise, the tax reduction solution should continue to be considered after the Environmental Protection Tax has been reduced by 50%. In case gasoline prices fluctuate more sharply, the Ministry of Industry and Trade has a response scenario. Specifically, if the price is 130 USD, 150 USD/barrel, it will propose a scenario to continue reducing taxes on gasoline, such as environmental tax, excise tax, etc.

Currently, the Inter-Ministry of Finance – Industry and Trade has also mentioned the review of even the MFN tax (most favored nation tax rate), with a proposal to reduce it from 20% to 12%. However, the specific reduction must also be harmonized in the negotiation process with other countries, while keeping the proportion of revenue sources, encouraging diversification of supply, but also creating a difference between market tax rates. that Vietnam has free trade agreements with markets with MFN tariffs.

According to the leader of the Department of Domestic Market, in the management work must also take into account the work of creating sources. For example, there are times when E5 or RON 95 gasoline is scarce in the world, and domestic supply is scarce, so the authorities must also have a flexible way of operating it to create a better source. The Ministry of Industry and Trade is focusing on market inspection and control, which is implemented synchronously and effectively nationwide. In which, focusing on preventing fraud and negative situation in petroleum business such as selling on a drip, waiting for the price of some gas stations to rise; closing gas stations for no reason; take advantage of domestic gasoline prices lower than some neighboring countries to illegally export gasoline …

Another solution to monitor and manage supply, which is being implemented by the Ministry of Industry and Trade, is to coordinate with the Ministry of Information and Communications to build a national petroleum management and administration database system. The implementation of the database system will support the state management of petroleum products, contribute to preventing violations in petroleum business activities and help state management agencies balance and regulate the supply and demand of petroleum products.

Currently, the system has created accounts for all traders in phase 1, including: 2 production traders, 38 petroleum wholesalers and initialized information for 329 business distributors. petroleum business.

“The Ministry of Industry and Trade has prepared the scenario for the whole year as well as the scenario of each quarter, every month, continuously reviewing domestic and imported sources to ensure that the highest goal is to have enough petrol and oil to serve the customers. production and consumption”, Mr. Dong said.

According to the leader of the Domestic Market Department, when some localities or some enterprises have a local source of disruption, the Ministry of Industry and Trade will actively operate from focal points as well as other distributors to ensure ensure supply to meet shortage areas.

“The Ministry of Industry and Trade has directed key businesses to negotiate and arrange import sources to get stable sources as well as reasonable prices for production and consumption,” said Mr. Dong.