Vietnam extends fuel tax suspension until end of June
People queue to buy petrol at a petrol station amid disruptions in supply and price surges triggered by the US-Israeli conflict with Iran, in Hanoi, Vietnam on March 10.
PHOTO: Reuters file
HANOI — Vietnam has decided to extend the suspension of taxes on fuels until the end of June from April 15 to stabilise the domestic market, the country's parliamentary office said on Sunday (April 12), as the Iran war continues to disrupt supplies.
The National Assembly, the country's lawmaking body, has passed a resolution on the suspension of environmental protection and special consumption taxes on fuels, the parliament office said in a statement.
The tax suspension has been in place since late March.
The finance ministry last month said the suspension of the taxes would reduce revenue going into state coffers by 7.2 trillion dong (S$348.4 million) a month.
Fuel prices in Vietnam have surged since the US-Israeli war on Iran began at the end of February, with gasoline prices up 17 per cent and diesel prices rising 70 per cent, according to data from fuel trader Petrolimex.
Vietnam's consumer prices in March rose 4.65 per cent from a year earlier, driven by a surge in transport costs, putting pressure on the country's goal to keep inflation at 4.5 per cent for this year.
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