Topic: petrol

To help remove difficulties facing petroleum and oil enterprises and ensure supply to the domestic market, the Ministry of Industry and Trade (MoIT) has asked the Ministry of Finance (MoF) to review and adjust costs relating to petroleum and oil imports. The MoIT also proposed that the State Bank of Vietnam (SBV) adopt policies to support these enterprises, such as raising credit limits and offering access to preferential interest rates, etc.

With many gasoline stations in Ho Chi Minh City temporarily suspending sales, the city’s People’s Committee proposed on October 10 that the Ministry of Finance recalculate cost levels and base prices and at the same time review premiums on importing petroleum and oil products and taxes.

On October 7, the Ministry of Finance announced to adjust the domestic premium and the cost of bringing gasoline from the domestic refinery to the port, ensuring the interests of the three parties, and removing difficulties for businesses. The ministry also proposed the Ministry of Industry and Trade to have an appropriate plan to regulate domestic gasoline prices so that this increase in norm costs does not affect the increase in the base price.

The Ministry of Finance (MoF) issued Official Letter No. 9691/BTC-CST to ministries and branches on September 23, seeking opinions on a draft Resolution from the National Assembly on reducing the special consumption tax (SCT) on gasoline and VAT on oil and gasoline.