The retail prices of petrol plummeted from 3pm of March 29, making it the sixth consecutive reduction since the beginning of this year.

Experts believe that the opening of the petroleum distribution market at a certain level will help the market operate better.

The price hike of many essential goods recently has put pressure on inflation, but economists believe the inflation rate will be at below 4 percent as targeted.

Experts have warned that if the government doesn’t cut the environmental protection tax and fees on petroleum products, the national economy will suffer.

VietNamNet Bridge - Though Vietnamese enterprises imported no petrol in the first two months of the year, they still raised the retail price.

VietNamNet Bridge - The CPI soared by 0.55 percent in May as reported by the General Statistics Office (GSO), a six-year high. 

The Ministry of Finance (MOF) is compiling the amended Environment Protection Tax Law. From July, every liter of petrol will be charged an additional VND1,000 in environmental tax.

The Ministry of Finance (MOF) has proposed raising the environmental protection tax to offset the decrease in tax collection caused by tariff cuts under foreign trade agreements (FTAs).

VietNamNet Bridge - MOIT has said that it could not find exact statistics about the annual consumption of petroleum products in Vietnam when it was drafting the program on the crude oil and petroleum product storage system.

VietNamNet Bridge - The Ministry of Finance (MOF) plans to ask petroleum traders to pay 0.5 percent of their annual sales to the environmental risk prevention fund.

 Local retail petrol prices could be adjusted daily instead of every fortnight in the future, Do Thang Hai, Deputy Minister of Industry and Trade, said.

VietNamNet Bridge - Vietnam has vowed to develop its petrochemistry industry and has spent a great deal of money on doing so.

VietNamNet Bridge - The average petrol import price in the last six months was 40 percent lower than that of the same period last year, but the retail price has decreased by 20 percent only.

VietNamNet Bridge - Economists have suggested that the National Assembly should monitor petrol pricing amid strong opposition from the public against recent petrol price increases.

 VietNamNet Bridge – The Ministry of Finance (MOF) has decided to raise the petrol import tariff just to please petroleum importers who have reportedly incurred losses because of plummeting oil prices.

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It’s clear that Vietnam would stop the manufacturing and circulation of A83 non-lead petrol in the market, sooner or later.