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Sunday, July 21, 2024

HCMC proposes reviewing fuel taxes

By Le Hoang

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HCMC – The government of HCMC yesterday, October 10, sent an official dispatch to the Ministry of Industry and Trade (MOIT) and the Ministry of Finance (MOF) suggesting solutions to the current widespread gasoline supply shortfall.

The document stated that the shortfall resulted from fuel transport disruptions caused by storms and floods in some parts of the country, retailers’ refraining from placing new orders due to losses from higher operating costs and no discounts from distributors and wholesalers’ fuel import cuts. 

In recent days, a majority of gas stations in the city have become overwhelmed with big crowds of motorcyclists waiting for refueling as more than a hundred stations, mostly of private retail firms, have run out of stock. 

To cope with gasoline supply disruptions, the HCMC government has proposed the MOF review costs and profits of fuel traders, consider lowering taxes on fuels and raising credit quotas for oil and gas companies.

Yesterday, the HCMC market surveillance agency reported the number of gas stations temporarily closed due to a supply shortfall rose to 121, doubling the figure reported a day earlier.

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