Accordingly, the MoF proposes to reduce the environmental protection tax by VND500-VND1,000 per liter or kg until the end of this year. Specifically, the MoF proposes to cut the environmental protection tax on gasoline by VND1,000 per liter, except ethanol, from VND4,000 to VND3,000 per liter; diesel oil from VND2,000 to VND1,500 per liter; kerosene from VND1,000 to VND500 per liter; fuel oil, lubricating oil, and grease from VND2,000 to VND1,500 per kg. It is estimated that if the reduction of the environmental protection tax rate for gasoline, oil, and lubricant grease is applied from April 1, the State budget revenue will see a decrease of nearly VND12 trillion.
Regarding the proposal to adjust the business cost within the base price of petrol and oil, the Price Management Department under the MoF has sent a dispatch requesting key traders to report business expenses following regulations. Based on that, the MoF will summarize, review and evaluate. Currently, the standard business cost for gasoline products RON95 and E5 RON 92 is VND1,050 per liter and VND1,250 per liter, respectively; for diesel oil 0.05, kerosene, and fuel oil, the business cost is VND1,000 per liter, VND950 per liter, and VND561 per kg, respectively. With the increase in global gasoline prices, increasing business costs in the base price of petrol products will fuel domestic gasoline price hikes, affecting consumers.
