Petrol price in Vietnam is lower than many countries, rising slower than the world

Accordingly, Deputy Minister of Industry and Trade Do Thang Hai said that although the price of gasoline increased continuously and was at a high level, the price of gasoline in Vietnam is still lower than that of other bordering countries such as Vietnam. Laos, Cambodia and China.

In addition, from the beginning of the year to June 1 (the latest operating period), while the average price of some petroleum products in the world on the Singapore market increased by 45.86%-63.68%, the domestic price only increased 27.29% – 47.89%. “Thus, although operating according to the increasing momentum of the world, the increase in gasoline prices in Vietnam is still lower“, said Mr. Hai.

This is possible, according to Mr. Hai, because we have actively and flexibly used the petrol and oil price stabilization fund during the past time, to limit the sharp fluctuations of the domestic petrol price compared to the volatility of the domestic gasoline price. of international prices, contributing to controlling inflation and supporting economic recovery.

Mr. Hai affirmed that the Government regularly directs drastically two contents related to petroleum, which is the solution of petrol supply and price movements.

On the side of the Ministry of Industry and Trade, the Ministry always works closely with the Ministry of Finance to consistently and strictly comply with regulations in managing domestic gasoline prices in line with world price movements, bringing the most favorable conditions. where possible for people and businesses.

Recently, the Ministry of Industry and Trade proposed to propose, the Ministry of Finance reported to the Government and was allowed by the National Assembly to reduce the environmental protection tax rate by 50% for gasoline and 70% for kerosene from April 1 until the end of 31. December 2022.

“In the coming time, we will coordinate with ministries to review so that, within the allowable range, we will continue to reduce taxes related to the price structure of petrol and oil.“, said Mr. Hai.

However, Mr. Hai suggested, we need to work towards measures, such as proposing policies to support people and businesses in the context of a sharp increase in petrol prices.