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​Petroleum prices to be inhibit, enterprises relieve

Inter-ministries of Finance – Industry and Trade made a decision to increase the deduction for price stabilization fund and reduce income tax on petroleum items to maintain their current prices. This is also the measure to ease the price pressure in the context of “weak” economy nowadays.



 

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​Increase in petroleum prices would raise transportation fees

Many transportation units said that, after the recent fluctuation in petroleum prices, somehow they were eased by the refusal to allow designated enterprises to increase the prices.

Mr. Lai Thieu Kinh, Chairman of Xuan Khanh Transportation Cooperative (Xuan Loc district) with more than 100 transportation vehicles calculated that, each vehicle of the Cooperative consumes 40 liters of oil / 100 km on average. If the oil price increased by 1,300 VND/liter as proposed by import enterprises, oil expenses would respectively increase by 50,000 VND/100 km. “Currently, we are operating our business at the lowest rate of charge, if the oil price increased, we would have to adjust our rate of charge to make up for the expenses. Besides, each time oil price increase, it will lead to the increase in the charge rates of other transportation-related services, especially loading and unloading. The charge rate of loading and unloading has increased to more than 40,000 VND/ton of goods, which is equal to 100,000 for both loading and unloading”, said Mr. Kinh.

Currently the unstable petroleum price also worries transportation units because after each time it increases, the units have to negotiate with customers for charge rates. Sometimes more than 70% of vehicles of the Cooperative are temporarily out of operation, some others have to use maintenance budget to carry out the contract. The vehicles of Xuan Khanh Cooperative operate widely from the South to the North of Vietnam, mainly transporting agricultural products of enterprises. Mr. Kinh also added that, compared to last year, the amount of goods transported this year decreased significantly because many enterprises in the Central of Vietnam chose railway transportation. Therefore, Enterprises are glad as long as petroleum price is inhibited.

According to the decision of Inter-Ministries of Finance – Industry and Trade, the import tax on petroleum remains at 12% as prescribed in the current regulation; import tax on diesel decreases from 10% to 8%; mazut and kerosene from 12% to 10%. Enterprises are allow to deduct 500 VND from the price stabilization fund for each liter of gasoline, diesel, kerosene or each kilogram of mazut to make up for the loss. Compared to the previous deduction amount, the current one stays unchanged.  As for oil items, the deduction amount increases by 200-300 VND/liter. Thus, after the increase by 650 VND on August 28th, the price of RON 95 remains at 24,150 VND/liter; RON 92 at 23,650 VND/liter, which is the highest ever.

Mr. Nguyen Xuan Cu, Director of Phu Cuong A Transport Company (Bien Hoa City) also commented that, in such a difficult situation, if the petroleum price continues to increase, the ability to recover of enterprises is still a blur. Phu Cuong A Company has 40 vehicles transporting goods for manufacturing enterprises located in industrial zones in Bien Hoa city. After many changes in petroleum price since the beginning of this year, Mr. Cu has had to ask for the permission to adjust the charge rates for some enterprises. He said that: “My customers also agree to share the charge rates, but in fact, price pressure is put on not only transport companies, but also manufacturing ones because they have to pay more for transportation fees, which leads to the increase in product prices, many manufactures decide to cut down on production or rely on other means of transport. Many transport companies claim their business closure due to the increase in transport fees and no customers to serve.

Source: Dong Nai Newspaper

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