Finance Ministry provides favourable conditions for businesses to ensure petrol supplies

Phoc said on October 10 that his ministry advised the Government submit a plan to the National Assembly Standing Committee on reducing the environmental protection tax on petrol to 3,000 VND per litre, cutting petrol import tariffs to 10% from 20%, and halving special consumption taxes and VAT in case petrol prices hike.

He also asked the Ministry of Industry and Trade (MoIT), as the State management agency in the oil and gas field, to direct petrol enterprises to ensure stable supplies in any circumstance.

Recently, especially in the south, a number of petrol retailers have temporarily closed for many reasons, greatly affecting businesses' operations and consumers' activities, Phoc said, asking the MoIT to clarify causes for limited supplies and review the petrol distribution system to seek cost-saving solutions.

The MoIT was also urged to consider reducing provisions and using the petrol price stabilisation fund if necessary.