Gasoline price increased by more than 7,600 dong after 13 adjustments, what does the Ministry of Finance say?

After 13 adjustments, gasoline price increased by more than 7,600 VND/liter

According to statistics of the Ministry of Finance, from the beginning of 2022 to May 21, the inter-Ministry of Industry and Trade – Finance had 13 times to adjust gasoline prices, gasoline RON95 10 times increase is estimated at 10,169 VND/liter, 3 times decrease is equivalent to 2,507 VND/liter. After a cycle of 13 increases and decreases in price, the price of RON 95 gasoline increased by more than 7,662 VND/liter.

For biofuel E5 RON 92, according to the Ministry of Finance, after 10 adjustments, the price of E5 RON 92 gasoline increased by nearly 9,700 VND / liter, 3 times the price decreased by more than 2,514 VND / liter, after 13 When adjusted, E5 RON 92 gasoline increased by nearly 7,200 VND/liter, with a lower increase of about 500 VND/liter compared to RON 95 mineral gasoline.

The average world gasoline price as of May 21, 2022 tends to increase compared to the world petrol price in the first days of the year from 42.90% to 56.97% depending on each item. .

According to the Ministry of Finance, the current domestic gasoline price management is in accordance with the provisions of Decree No. 95/2021/ND-CP, the domestic gasoline selling price is implemented according to the market mechanism and in accordance with the gasoline price movement. world oil.

The management of domestic gasoline prices is closely following the world gasoline price movements; at the same time flexibly use the BOG Fund to minimize the increase in domestic gasoline prices (currently, the base price of domestic petroleum products compared to the price of the operating period on 11/01/2022 increased from 25 0.89% to 42.40%, lower than the growth rate of the world price of petroleum products from 42.90% to 56.97%).

The Ministry of Finance said that the use of the BOG Petroleum Fund is to ensure the harmony of interests between the state, consumers and businesses, support people’s lives, support production and business activities of enterprises. Karma.

Consult the Ministry of Industry to reduce import tax from 20% to 12%

According to the Ministry of Finance, the environmental protection tax on gasoline has been reduced by 50%, equivalent to 1,900 to 2,000 VND/liter until December 31, 2022. In the coming time, in order to reduce the pressure of increasing gasoline prices, the Ministry of Finance has sent for comments from ministries and branches a draft Decree on Export Tariffs, Preferential Import Tariffs, List of Goods and Excellent Tax Rates. countervailing duty, mixed tax, import tax outside the tariff quota.

In particular, the Ministry of Finance consulted on a plan to reduce the preferential import tax (MFN) for unleaded motor gasoline from 20% to 12% in order to contribute to reducing gasoline import costs and diversifying supply sources. import.

In fact, currently, Vietnam’s petroleum import tax rate applied to FTAs ​​partners such as Korea and ASEAN is 8%, while petroleum imported from other countries such as China and EU is 20% according to the current rate. WTO’s most-favored-nation tax rates.

According to the Ministry of Finance, this is a solution in parallel with strengthening the inspection and control of the petroleum trading market; strictly handle cases of speculation, hoarding or unreasonable price increase that the Ministry of Industry and Trade is conducting.

According to the Ministry of Finance on price management, continue to closely monitor the world petroleum price movements and do a good job of forecasting; at the same time, continue to balance and use the financial instrument BOG Fund flexibly and effectively to limit the case of sudden price spikes.

In addition, continue to focus on information and propaganda on petrol and oil price management to ensure publicity and transparency; limit false information that causes confusion for consumers, causing market instability.