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Gas importers call for tax cut
The Viet Nam Gas Association has asked the Ministry of Finance to cut gas import taxes from the current 5 per cent rate to 2 per cent to stabilise the domestic gas market.
There have been seven price hikes since early this year. As of December 1, gas traders raised the price by VND38,000 (US$1.9) per 12kg canister, the highest level so far.
The association's Chairman, Nguyen Sy Thang, said traders were currently facing many difficulties due to their dependence on imports.
The country currently has to import roughly 60 per cent of its total gas consumption volume.
Industry insiders said gas prices on the world market for December had risen $140 to $952 per tonne, driving up domestic prices.
Retail gas prices are now between VND330,000 ($16.5) and VND360,000 ($18) per 12kg canister, depending on the brand.
A 12-kg cylinder of Shell Gas is sold at VND389,000 ($19.45), while Petrolimex increased the price of a 12-kg canister to VND376,000 ($18.8) and a 13-kg canister to over VND400,000 ($20). In addition, Thang Long Gas rose by VND38,000 ($1.9) to VND350,000 ($17.5) per 12-kg cylinder.
PetroVietnam has seen a notable price increase - a 12-kg canister costs VND359,000 ($17.95), up VND40,000 ($2) since early November.
Thang said that without tax cuts, local gas prices would continue rising amid the global economic climate.
The association has argued that the 5 per cent rate maintained by the Ministry of Finance since the world gas price was $200 per tonne no longer applies because the price has skyrocketed to more than $900 per tonne.
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