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.

Finance Ministry provides favourable conditions for businesses to ensure petrol supplies.

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.

Petrol prices down in latest adjustment

Petrol prices were adjusted down from 3pm on August 1 by the Ministries of Industry and Trade, and Finance, the fourth time in a row and the third significant decrease.

Petrol prices plunge for third consecutive time

Petrol prices were adjusted down from 3pm on July 21 by the Ministries of Industry and Trade, and Finance, the third time in a row and the second significant decrease.

Petrol prices see highest decrease since 2022’s beginning

The price of petrol decreased by more than 3,000 VND (0.13 USD) per litre from 0:00 on July 11 following the latest adjustment of the Ministries of Industry and Trade, and Finance.

Petrol prices down after seven consecutive increases

Petrol prices were adjusted down from 3pm on July 1 by the Ministries of Industry and Trade, and Finance, after seven consecutive increases.

Petrol prices down by 600 VND per litres after seven hikes

Retail petrol prices reduced by more than 600 VND per litre from 3pm on March 21 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

Source: VNA