Gas prices are set to
increase 11,000-12,000 dong per 12-kilo container today after the Vietnamese
Ministry of Finance raised the import tax rate to 5% on Wednesday.
Le
Thi Anh Man, deputy general director of Saigon Petro, said that the company’s
SP gas would increase by 11,000 dong per 12-kilo container starting today,
sending the maximum retail price to 351,000 dong each container.
Similarly,
Huynh Ngoc Tue, sales manager of Petrolimex Gas, said his company would
increase gas prices by 11,000 dong per 12-kilo container. The new price of
352,000 dong per 12-kilo cylinder is applicable today.
Meanwhile,
Le Quang Tuan, sales manager of Pacific Petro, informed that new gas prices
with a 12,000 dong increase would be applied from 12 p.m. today, taking the maximum
retail price in HCM City from 340,000 dong to 352,000 dong per 12-kilo
container.
Earlier
on Wednesday, the Finance Ministry issued Circular 100/2012/TT-BTC signed by
deputy minister Vu Thi Mai, deciding to increase the gas import tax rate from
0% to 5%, applicable for shipments going through customs starting from
Wednesday.
Commenting
on the tax hike, Man said the move was necessary, but she would prefer if it
was done at the beginning of the month rather than in the middle. As global
contract prices were determined at the start of the month, it would be easier
for gas traders to adjust prices than at the moment, she explained.
“With
Dung Quat Oil Refinery halting operation this month, forcing traders to buy gas
abroad, whether gas prices are hiked or cut does not exert any pressure,
because domestic and international goods are levied the same import tax rate,”
said Man.
Following
the tax increase, the ministry sent Dispatch 8261/BTC-QLG to gas wholesalers
and local financial departments, asking the receivers to carry out price
registration and market stabilization.
In
particular, gas wholesalers have to review cost savings to help stabilize
output prices, register domestic gas prices and direct their sales agents and
retail stores to comply with price registration as prescribed by law. Moreover,
wholesalers are not allowed to take advantage of the tax hike to unreasonably
increase prices.
Local
financial departments are responsible for supervising gas price registration,
taking measures to stabilize the gas market and strictly handling violations.
Saigon
Times
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