Vietnamese Gov’t cuts taxes, fees worth US$9.4 billion in 2022
The cut is necessary to help citizens weather inflation and support socioeconomic recovery.
The cut is necessary to help citizens weather inflation and support socioeconomic recovery.
With such decreases, petrol prices have fallen below the VND30,000-mark per liter for the first time in almost four months, equivalent to the mid-March prices.
The Government needs a financial tool to control the prices of strategic commodities, including petroleum products, to avoid a sudden rise in prices and impact on people’s lives.
Since last month, prices of RON95 rose by VND5,060 per liter, and E5-RON92 by VND4,640.
The domestic petrol prices should be adjusted in line with changes in the global market.
The latest price adjustment marked the first decline in 2022 after six consecutive rises.
Credit loans would be provided for major petrol trading companies under the list of the Ministry of Industry and Trade, especially those who have been instructed to raise their petrol imports in the coming months.
The price of RON95 rose by nearly VND3,000 per liter to an all-time high of VND29,820.
The latest hike brings the local RON95 prices above the peak in July 2014 of VND26,140 per liter.