petrol price

Update news petrol price

The Vietnam Confederation of Commerce and Industry (VCCI) has proposed removing the luxury tax in addition to a cut in the environmental protection tax to help lower petrol prices, which are at a historic high.

VCCI proposes erasing excise tax on gasoline

The Vietnam Chamber of Commerce and Industry (VCCI) has proposed the Ministry of Finance study the impact of eliminating excise tax on petrol and report it to the National Assembly at the next sitting.

Petrol tax lower than other countries, cut in luxury tax on petrol not considered

The tax on petrol in Vietnam is lower than the average level in the rest of the world, according to the Ministry of Finance (MOF).

Reducing petroleum prices to curb inflation

The news that the Ministry of Finance (MOF) has proposed the further cutting of environmental protection tax and the removal of the petrol price stabilization fund has brought a fresh breath of air to people and the economy.

Vietnam to increase petroleum reserves by 4 times

As the State’s resources are limited, the increase in the national petroleum reserves will be implemented under a roadmap from now to 2025.

Finance Ministry moves to deal with petrol price hikes

After the proposal to cut the petrol price stabilisation fund and import tax, the Ministry of Finance (MoF) has announced plans to cut the environmental tax on fuel.

Embassy clarifies information on Malaysia’s sale of petrol to Vietnam

The Vietnamese Embassy in Malaysia has sent a document to the Ministry of Industry and Trade (MOIT) to clarify the information about Malaysia’s sale of petrol to Vietnam at VND13,000 per liter and the country’s agreement to export RON95 to Vietnam.

Finance Ministry to propose further fuel duty cut

The Ministry of Finance is considering to put forward another proposal for further fuel duty cut, Minister Ho Duc Phoc told the 15th National Assembly during its third sitting in Hanoi on June 8 amid concerns over soaring fuel prices.

Fuel prices hit all-time highs

The retail prices of oil and petrol continued to rise yesterday following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance with new costs topping a record VND31,000 a litre.

In difficulty, transport firms sell vehicles, go bankrupt

Many transportation firms have decided to sell vehicles and shift to other businesses as they are incurring big losses because of petroleum price increases.

Soaring petrol price impacting multitude of industries

A surge in the world’s oil price is benefiting oil and gas businesses, but causing difficulties for other producers and pressurising the government’s efforts to rein in inflation.

NA Standing Committee adopts resolution on environmental protection tax rates

The National Assembly Standing Committee on March 23 passed the resolution on environmental protection tax rates on petroleum, oil and lubricants, which will take effect from April 1 till December 31, 2022.

As fuel prices rise, airlines seek to raise airfares

As fuel prices have increased sharply, airlines have called for the lifting of ceiling airfares and imposition of fuel surcharges.

What will Vietnam's economy be amid the 'storm' of commodity prices?

The world commodity market is fluctuating strongly, and supply chain disruption has led to concerns about inflation and economic growth.

Goods prices increase as petrol price rise

The petrol price hike, which has led to an increase in nearly all goods and services, from food to medicine to fertilizer, has caused consumers constant anxiety.

Taxi firms raise fares after petrol increases

E-riding firms have raised taxi fares, and traditional taxi firms are expected to follow the move.

Petrol price may reach VND30,000 per liter

The crude oil price in the world market has reached a 14-year high and is nearing $140 per barrel. Experts predict the petrol price may rise to $30,000 per liter if there is no price intervention.

VN transport firms hit by fuel price hikes

The fuel price has been increasing over the last two months, dealing another blow to transport firms that have not recovered from Covid-19.

Fuel price climbs to new high, Finance Ministry wants to amend environment protection law

The Ministry of Industry and Trade (MOIT) and Ministry of Finance (MOF) have raised the ceiling fuel prices for the March 1 review. This is the third consecutive price increase in the Year of the Tiger.

As petrol prices continue to increase, transport firms may reduce services

If petrol and DO prices continue to stay high, transport firms may have to reduce services and routes, or stop operation temporarily.