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Saigon Petro proposes cutting bio-fuel tax

Tuesday,  Mar 13,2018,16:17 (GMT+7)
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Saigon Petro proposes cutting bio-fuel tax

HCMC – Saigon Petro, a HCMC-based fuel trading firm, has proposed the Ministries of Finance and Industry-Trade cut the planned environmental protection tax on bio-fuel E5 to VND500 for each liter sold, news website Dan Tri reports.

In a proposed plan, the Ministry of Finance wants the environmental protection tax to rise to VND1,000 per liter of gasoline and VND500 per liter of diesel oil.

If the National Assembly approves the plan, the tax on A95 gasoline and E5 bio-gasoline would surge to VND4,000 and VND3,800 per liter respectively. According to Saigon Petro, the VND200 differential between A95 and E5 would be too small to encourage consumers to switch to using E5.

Saigon Petro proposed the ministries consider lowering the tax on E5 by VND500 per liter to make it possible for fuel traders to make the E5 price VND2,000-2,500 per liter lower than A95.

Dan Tri quoted a source as saying the sales volume of E5 in the year to end-February had grown markedly compared to the same period last year but accounted for around 30% of the total.

Saigon Petro data shows the sales volume of A92 was around six million cubic meters a year, or 500,000 cubic meters a month prior to 2017. Meanwhile, the amount of the bio-fuel sold represents half of the previous A92 sales figure.

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