Finance Ministry provides favourable conditions for businesses to ensure petrol supplies
The Finance Ministry always offers all possible support to firms, especially distributors and retailers, to ensure stable petrol supplies, thus stimulating production-business and daily activities, said Minister Ho Duc Phoc.
Hanoi (VNA) – The Finance Ministry always offers all possible support to firms, especially distributors and retailers, to ensure stable petrol supplies, thus stimulating production-business and daily activities, said Minister Ho Duc Phoc.
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./.
The Ministry of Finance (MoF) has proposed a reduction of the most favoured nation (MFN) tariff on a number of petrol products widely used in industrial production from 20% to 10% in an attempt to bring down the economy's input cost.
Retail prices of oil and petrol dropped from 3pm on October 3 following the latest adjustment by the Ministry of Industry and Trade, and the Ministry of Finance.
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Illustrative image (Photo: VNA) 
