Tuesday, January 31, 2023 5:05:59 PM - Markets open
VN-INDEX 1,111.18 +8.61/+0.78%
HNX-INDEX 222.43 +1.65/+0.75%
UPCOM-INDEX 75.84 +0.44/+0.58%
MoF continues to consider adjusting costs of petrol: expert
Vietnamnews - 11/23/2022 4:23:10 PM
 (0 ratings. You must sign in to rate.)
The Ministry of Finance (MoF) is taking steps to stabilise domestic gasoline prices and supply while removing difficulties for petroleum traders, said Nguyễn Tiến Minh Director of the MoF’s Price Management Department.
The Fuel Price Stabilisation Fund has been used consistently for the purpose of stabilising petrol prices in line with the law, according to the department. The fund has been effectively used to stabilise petrol prices to help curb inflation and stabilise the macro economy.
Petroleum is an essential commodity, and it has a strong impact on production, business activity and people's lives. High gasoline prices and the shortage of petroleum supply put great pressure on the business costs of enterprises as well as people's spending. Việt Nam must also contend with global fluctuations in fuel prices, which affect domestic gasoline prices and create unpredictable developments.
From April 1, 2022 to the end of December 31, 2022, there will be a 50 per cent cut in the environmental protection tax on gasoline (excluding ethanol), diesel fuel, mazut, lubricants and grease and a 70 per cent cut in the environmental protection tax on kerosene.
The Government has also halved the most-favored-nation (MFN) import tariff on unleaded gasoline to 10 per cent from 20 per cent.
Minh said gasoline products were imported from countries with FTAs with Việt Nam so they only had to bear import tax rates under the FTA which were lower than the MFN import tax rate. The reduction will contribute to diversifying supply sources and avoiding heavy dependence on a few markets amid the uncertainty in global supply chains.
The cost of transporting gasoline from abroad to Việt Nam has been adjusted three times this year, and the most recent adjustment was on November 8, 2022.
In the time to come, under the Prime Minister’s Official Dispatch 1085/CT-TTg dated November 11, 2022, the Ministry of Finance will work with the Ministry of Trade and Industry and key petrol businesses to review and calculate petroleum-related expenses and consider price adjustments in accordance with market developments.
The Finance Ministry has collected data from petroleum traders and worked with the Ministry of Trade and Industry to consider price adjustments in accordance with regulations.
The Finance Ministry and relevant ministries and bodies will be proactive and strictly implement solutions enacted under the Prime Minister’s Official Dispatch 1085/CT-TTg to ensure that there will be no gasoline shortages nor disruption of supplies, at any cost, so as to meet the demands of the whole society, according to Minh.
The Finance Ministry has also asked key petrol traders to be more proactive in seeking supply sources of fuel and negotiating with foreign sellers to get the best prices.
In addition, the Finance Ministry will continue to use the fund in a flexible manner in relation to global fuel price developments.
On Monday, the retail prices of petrol and oil dropped in the latest adjustment by the Ministries of Industry and Trade, and Finance after four consecutive hikes. However, the reduction rates were low at between VNĐ40-80 per litre. — VNS
Read original article here
Newer News
15:36 January’s CPI increases 0.52 per cent due to high Tết demand
15:33 Việt Nam attracts $1.69 billion in foreign investment in January
30/01 Hanoi’s January CPI moderately increases
30/01 Vietnam posts trade surplus of 3.6 billion USD in January
30/01 Ministry assesses profit and loss of FDI enterprises
26/01 Hải Phòng aims to become an international logistics centre
25/01 Seaports nationwide busy through Tet break
23/01 Vietnam’s imprint in 2022: All-out efforts bring spectacular growth
21/01 Tuna becomes billion-dollar export for first time: VASEP
18/01 Weakening demand continues to dog Vietnamese firms
Older News
18/11 Lack of orders plague export businesses
11/11 Petrol prices surge in latest adjustment
07/11 MoIT orders inspections of gas stations suspending operations
07/11 Pessimistic outlook for maritime transport firms amid weak demand
24/10 Economic recovery plan to boost national growth
24/10 Vietnam to experience import, export difficulties by end of year: MoIT
24/10 Fishery sector takes various measures to get EC yellow card removed
24/10 Growth room for top technology enterprises
19/10 Việt Nam shines amid global economic volatilities
12/10 GMD: Shipping has peaked but port operations still grow: Gemadept
Newsletter Signup
Top Stories
State-owned banks under capital increase pressure
Shares make large gains on banking, securities stocks
Trading in tight range ahead of Tết holidays
Enterprises in HCM City receive credit disbursement, but rates remain high
Market opens the new year on a positive note
Market Update
Last updated at 3:05:02 PM
VN-INDEX 1,111.18 +8.61/+0.78%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.