Friday , May 24 2024

Trade ministry wants 50 pct cut in environment tax on gasoline

The Ministry of Industry and Trade has called for a 50 percent cut in environment tax on gasoline, double the rate proposed earlier by the Ministry of Finance.

This will bring down the tax from the current VND4,000 ($0.18) to VND2,000. The finance ministry had suggested bringing it down to VND3,000.

Such a “strong” cut would provide more room to stabilize gasoline prices amid the surging global rates, the trade ministry said.

The finance ministry’s proposal has been dismissed by many as too little to make a difference.

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.

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.

The gasoline stabilization fund, set up to contain any rise in prices if needed, is now at a low level of VND620 billion.

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

The government sets prices on the 1st, 11th and 21st of every month.

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