Minister of Finance Ho Duc Phoc speaks at the working session. (Photo: VNA) Under the resolution, the tax rate for gasoline willbe cut by 2,000 VND (0.087 USD) per litre; and the rates for diesel, fuel oil,and lubricant will drop by 1,000 VND per litre, grease by 1,000 VND per kg, andkerosene by 700 VND per litre.
The tax on jet fuel, which had been lowered by 1,500VND per litre earlier, remains unchanged.
The environmental protection tax rates on petroleum,oil and lubricants will be implemented in conformity with Resolution No.579/2018/UBTVQH14 of the NA Standing Committee from January 1, 2023.
Earlier, Minister of Finance Ho Duc Phoc stressed thatit is crucial to issue the resolution, explaining that surging oil and gasprices will put pressure on production, business and consumption.
Nguyen Phu Cuong, Chairman of the NA Finance-BudgetCommittee, said most of his committee’s members shared the view that thereduction is to quickly stabilise the petroleum market amid the supply crunch,contributing to socio-economic recovery and development post COVID-19, and ensuringharmonious interests of people, businesses and the State.
Some suggested the Government intensify management andinspection over the operations of oil and gas retailers, he added.
Meanwhile, Chairman of the NA Economic Committee VuHong Thanh suggested using other tools like export-import tariffs and specialconsumption tax for the long term.
In his remarks, NA Chairman Vuong Dinh Hue lauded theFinance Ministry’s proposal on the reduction to support people and businesses inthe face of the rising global oil prices.
Vice NA Chairman Nguyen Duc Hai suggested theGovernment consolidate regulations on oil and gas price management, review andadjust relevant fees and taxes, raise the national reserve capacity and use thepetrol price stabilisation fund reasonably./.
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