Sunday , May 26 2024

Finance ministry sees wisdom of halving gasoline environment tax

The Ministry of Finance now wants to halve the environment tax on fuel as many others have suggested.

If the government approves the proposal, from next month the tax will be reduced from VND4,000 ($0.18) to VND2,000 per liter on gasoline and from VND2,000 to VND1,000 on diesel.

The ministry had earlier suggested a 25 percent cut while many others, including the Ministry of Industry and Trade, had demanded a 50 percent reduction as pump prices climbed to new peaks amid a global shortage caused by the Russia-Ukraine crisis.

The popular RON95 variety of gasoline is now at a historic high of VND26,830 per liter after having increased by more than 15 percent this year amid a global shortage caused by the Russia-Ukraine crisis.

They are expected to rise to another all-time high on Friday afternoon. Prices could rise by VND5,000-8,000 on Friday, or 18-30 percent, which would have a major impact on inflation, the Ministry of Industry and Trade said.

Gasoline distributors have been complaining they are selling at a loss due to the large gap between local and global prices.

The gasoline stabilization fund, set up to contain any rise in prices if needed, now only has a balance of VND620 billion.

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