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VietNamNews

Gas tax cut in bid to lower retail prices

Update: March, 03/2012 - 09:08

HA NOI — The Ministry of Finance yesterday removed the 5 per cent import tariff on gas in a move to lower retail prices.

After the cut, the ministry demanded that gas prices immediately reflect the cut.

The ministry also instructed relevant agencies to supervise price reductions by the retailers and fine those who violate.

The tax cut was made after the price of domestic cooking gaswas hiked by a record of VND52,000 per 12kg cylinder on Thursday. This followed a $180 a tonne rise in the price of imported gas to $1,205 per tonne.

Accordingly, the retail price of cooking gas sold by Saigon Petro, Gia Dinh Gas, Vinagas, and VT Gas, ranged from VND477,000 to VND480,000 per 12kg cylinder.

This year, cooking gas prices have increased four times.

Gas wholesalers said price hike had dragged consumption down by 20-30 per cent year-on-year.

City dwellers are now turning to electric and magnetic cookers as alternatives, while people in the countryside have returned to charcoal and firewood. — VNS

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