Cooling down gasoline prices, Ministry of Finance proposes to cut import tax by 8%
According to the Ministry of Finance, in recent years, the world market has been complicated, especially because the conflict between Russia and Ukraine has affected the supply and increased the price of gasoline on the world market.
Calculations show that the average world petrol price up to the operating period on May 21, 2022 tends to increase compared to the world petrol price in the first days of the year from 42.9% to 56. 97% depending on the item.
The high price of finished petroleum products in the world has had a direct impact on increasing domestic gasoline prices.
Specifically, in the most recent operating period on June 1, the operator simultaneously donated domestic gasoline prices. Thus, the domestic gasoline price has adjusted up for the 5th time in a row, thereby setting a new peak of more than 31,500 VND/liter. From the beginning of the year until now, gasoline price has had 14 adjustment periods, of which 11 periods have increased and only 3 periods have decreased.
The current domestic selling price of petrol is:
– E5RON92 gasoline: not higher than 30,235 VND/liter
– RON95-III gasoline: not higher than 31,578 VND/liter
– 0.05S diesel oil: not higher than 26,394 VND/liter
– Kerosene: not higher than 25,346 VND/liter
– Fuel oil 180CST 3.5S: not higher than 20,901 VND/kg
In order to continue promoting supply diversification, the Ministry of Finance said that it has now sent for comments from ministries and sectors 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 it, consult the plan to reduce the preferential import tax (MFN) for unleaded motor gasoline from 20% to 12% in order to contribute to reducing the cost of importing gasoline and diversifying import sources.
Regarding price management, the Ministry of Finance continues to closely monitor the world petroleum price movement and does 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.
Previously, the Ministry of Finance had submitted to the Government to submit to the National Assembly Standing Committee for promulgation a Resolution to reduce 50% of the environmental protection tax rate on jet fuel from January 1, 2022 to the end of January 31, 2020. 12/2022 to contribute to continue to remove difficulties for the aviation industry; Resolution on reducing the environmental protection tax rate by 50% for gasoline (except ethanol), diesel oil and lubricants and reducing the environmental protection tax rate by 70% for kerosene from April 1, 2022 to the end of December 31. 2022.
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