Finance Ministry urges immediate gas price cut after import tax cut

The Vietnamese Ministry of Finance has decided to slash gas import taxes to zero percent from a previous 5% beginning from March 2.

 

Gas prices have consecutively increased in recent months 

The ministry requested gas traders nationwide to immediately lower retail prices following the tax reduction.
Departments of finance in cities and provinces under the direct management of the central Government were told to oversee the ministry’s request to better regulate the market.
Any gas trader who fails to comply with the price cutting requirement will have to face strict penalties.
On March 1, retail gas prices increased to VND477,000 (USD22.85) per 12-kilo canister as a result of the sharp rise in prices in the world market in March, which are at USD1,205 per tonne, up USD180 from February.
In response to the ministry’s request, Saigon Petro has decided to lower retail prices by VND16,000 (USD0.76) per 12-kilo canister beginning from today, March 3.
After the price cut, a 12-kilo canister will be sold at VND461,000 (USD22.9), said Do Trung Thanh, Deputy Head of the sales department at SaigonPetro.
Since the beginning of 2012, gas prices have increased four times.