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Cooking gas prices slightly drop following tax cut
Many cooking gas suppliers in Ho Chi Minh City yesterday confirmed they would cut their retail prices by VND16,000 a 12-kg cylinder as of March 3, following the Ministry of Finance’s slashing the import duty on the commodity from 5 per cent to zero.
Specifically, Saigon Petro, PV Gas South, Petrolimex gas, and Vinagas will now sell their products at around VND461,000 a 12-kg cylinder.
The tax cut was imposed in a bid to tame the soaring cooking gas prices, which on Thursday rose by VND52,000 to as high as VND480,000 (US$23) a 12-kg cylinder, following the skyrocketing global prices.
Meanwhile, several other suppliers said they had yet to receive any official documents regarding the tax cut, but added that they would also reduce prices by VND16,000 a 12-kg cylinder if import rates actually fell to zero.
“At a time when cooking gas prices are skyrocketing, the tax cut can partially cool down the market, as well as assisting both suppliers and consumers,” said Le Thi Minh Man, deputy chairwoman of the Vietnam Gas Association.
The association will call on its members to apply the reduced retail prices, added Man.
Besides the tax cut, the Price Management Agency under the Ministry of Finance also released a directive, asking cooking gas suppliers to cut prices, and order their dealers and retailers to adjust prices accordingly.
The Ministry of Finance also urged its departments and the market management agencies across the country to monitor the gas suppliers’ adherence to the above directive.
Any violations must be reported to authorities, and be subject to sanctions by law, the ministry said.
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