Gasoline prices could decrease by more than 2,000 VND/liter if the Government’s tax reduction proposal is approved.

The Government has just submitted a report to the National Assembly Standing Committee proposing to extend the policy of reducing environmental protection taxes on gasoline and oil until the end of 2024.

Specifically, the government proposes to extend the period of environmental protection tax reduction on gasoline until the end of 2024 and the budget is expected to reduce revenue by more than 38,900 billion VND when applying this policy. This tax rate specifically applies to gasoline (except ethanol) which is 2,000 VND/liter. Jet fuel, diesel, fuel oil, lubricants are 1,000 VND/liter, kerosene is 600 VND/liter. This level is equivalent to 50% of the tax bracket and is applicable from April 2022.

So when reducing this tax rate, the price of gasoline will decrease by about 1,100 – 2,200 VND/liter including VAT, but kerosene alone will be 660 VND/liter. At the same time, from January 1, 2025, the environmental protection tax on gasoline, oil, and lubricants will return to the ceiling in the tax bracket, which is 4,000 VND/liter for gasoline (except ethanol), 3,000 VND for jet fuel. /liter.

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The government said that the above tax reduction will reduce budget revenue by an estimated 38,924 billion VND. But, according to the Government, extending the environmental protection tax reduction on gasoline and oil until the end of next year will help lower domestic retail prices, thereby contributing to directly reducing people’s costs, production costs, sale off.

In addition, this tax reduction also helps businesses increase their resilience, especially businesses that benefit from tax reductions on gasoline and oil such as transportation, gas services, and fishing.

According to the General Statistics Office’s assessment, if the environmental protection tax on gasoline, oil and lubricants increases to the upper level of the tax bracket from the beginning of 2024, the average CPI will increase by 0.36-0.54 percentage points. On the contrary, if this tax reduction continues until the end of next year, it will avoid fluctuations in retail prices of gasoline and oil and will not increase CPI.

When evaluating this proposal, the Ministry of Justice requested the Ministry of Finance – the agency in charge of drafting – to coordinate with the Ministry of Industry and Trade to add an assessment of supply and demand, domestic and world gasoline prices to set a time limit. apply appropriately. But the Ministry of Finance said that gasoline prices often fluctuate rapidly in a short period of time and domestic prices depend on world prices. Meanwhile, reducing environmental protection taxes is a temporary solution, applied in the context of fluctuating gasoline prices, negatively affecting the economy.

“This policy only applies for a certain period of time, so the proposal to extend this tax reduction on gasoline, oil, and lubricants until the end of next year is appropriate,” the Ministry of Finance argued.

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