Flexible solution to stabilize petroleum supply

The Minister of Industry and Trade made the above comment. At the same time, the Ministry has also directed businesses Petroleum The focal point to promote import, according to the assigned schedule, how to ensure enough gasoline for production and consumption, during the time when the world gasoline price is high, the world supply is broken, and the domestic source is still there. , from Nghi Son refinery, was also interrupted.

It is expected that the total demand for petroleum for the domestic market this year is about 20.6 million m .³. However, both domestic and imported petroleum supplies were interrupted due to the reduction of production capacity by factories and the increase in petroleum prices in the world.

Faced with this situation, the Ministry of Industry and Trade has also directed the 10 largest petroleum trading hubs in the country to boost imports and maintain reserves at 20% higher than the plan.

Buy and sell petrol at a petrol station. (Photo: VNA)

“According to the direction of the Ministry of Industry and Trade, Petrolimex will increase its storage capacity,” said Tran Ngoc Nam, deputy general director of the Vietnam National Petroleum Group (Petrolimex).

“The ministry has also worked with other key businesses and is ready to assign tasks to focal businesses, ready to take on the political tasks assigned by the Ministry of Industry and Trade in ensuring resources,” said Mr. Tran Duy Dong. , Director of the Domestic Market Department, Ministry of Industry and Trade, emphasized.

Currently, the average price of a number of world gasoline and oil products in the Singapore market has increased by 45-63% compared to the beginning of the year. However, thanks to the flexible use of price stabilizing tools, the domestic gasoline price increased by only 27-47%, lower than the world’s increase.

A representative of the Ministry of Industry and Trade also said that the price stabilization fund is now negative, so to reduce gasoline prices, it is necessary to consider solutions such as reducing taxes and fees.

For each liter of gasoline and oil sold, there are four types of taxes: value-added tax, import tax, special consumption tax and environmental protection. Currently, only the environmental protection tax is reduced by 50%.

Experts said that, in the context that gasoline prices are being affected by world gasoline prices like today, in order to control inflation and avoid direct impact on CPI, the calculation and adjustment of taxes still remains. is essential now.

The ongoing National Assembly session has recorded many recommendations of the National Assembly deputies about the need for more measures to control petrol prices to control inflation and promote economic recovery.

“Suggesting the Government to propose to the National Assembly to continue reducing petrol and oil taxes to stabilize gasoline prices and avoid the price push from petrol to other goods,” said Mr. Hoang Van Cuong, Member of the National Assembly in Ha Noi. Interior, proposal.

The Ministry of Industry and Trade has proposed and recommended and the Ministry of Finance has also reported to the Government, the National Assembly Standing Committee has issued Resolution 18 on reducing the environmental protection tax rate for gasoline, oil, grease by 50% and reduce the environmental protection tax rate on kerosene by 70% until the end of this year.

Currently, the Government and ministries and branches are trying at the highest level, with measures that have been and will be implemented to ensure the adjustment of petrol prices within the allowable capacity, which will also work towards propose welfare policies for the people; at the same time, continue to have solutions to support businesses when gasoline and oil prices increase like now; ready operating scenarios towards the recovery of the economy and the goal of controlling inflation and stabilizing the macro-economy.

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