HCMC – The base prices of RON92 gasoline and E5 bio-fuel, constituted by import prices, taxes and fees, are higher after competent agencies have adopted a new method of calculating special consumption tax and setting operating costs.
Speaking to the Daily yesterday, a fuel trading firm said that for the August 19 price adjustment, RON92 and E5 prices as calculated in accordance with the new method edged up by VND100-350 per liter compared to the old method.
According to the Government’s Decree 100/2016/ND-CP, effective from July 1, the special consumption tax was adjusted based on the selling price, leading the price of RON92 gasoline to go up by VND100 a liter.
This special consumption tax comprises CIF (cost, insurance and freight) price, import tariff, cost and profit estimates, contribution to the fuel price stabilization fund, value added tax and environmental protection fee.
According the Government’s Decree 106/2015/ND-CP, effective before July, the 10% special consumption tax on gasoline was imposed on the CIF price.
Under the joint Circular 90/2016/TTLT- BTC-BCT of the ministries of industry-trade and finance, the import prices of E5 and E10 bio-fuel are equivalent to 95% of the RON92 gasoline price plus 5% of the ethanol price.
Earlier, the import price of E5 was equal to that of RON92. Fuel wholesalers said ethanol is now sold at a higher price than that of RON92.
From August 15, competent agencies have permitted fuel wholesalers to set the sale cost for E5 and E10 at VND1,250 a liter, well above VND200 a liter now to help firms offset production costs.
Given the abovementioned factors, the base price of E5 has leapt by VND350 a liter. In the August 19 price adjustment, E5 was VND150 per liter lower than RON92. The gap was VND500 a liter in the past.
Source: english.thesaigontimes.vn
Speaking to the Daily yesterday, a fuel trading firm said that for the August 19 price adjustment, RON92 and E5 prices as calculated in accordance with the new method edged up by VND100-350 per liter compared to the old method.
According to the Government’s Decree 100/2016/ND-CP, effective from July 1, the special consumption tax was adjusted based on the selling price, leading the price of RON92 gasoline to go up by VND100 a liter.
This special consumption tax comprises CIF (cost, insurance and freight) price, import tariff, cost and profit estimates, contribution to the fuel price stabilization fund, value added tax and environmental protection fee.
According the Government’s Decree 106/2015/ND-CP, effective before July, the 10% special consumption tax on gasoline was imposed on the CIF price.
Under the joint Circular 90/2016/TTLT- BTC-BCT of the ministries of industry-trade and finance, the import prices of E5 and E10 bio-fuel are equivalent to 95% of the RON92 gasoline price plus 5% of the ethanol price.
Earlier, the import price of E5 was equal to that of RON92. Fuel wholesalers said ethanol is now sold at a higher price than that of RON92.
From August 15, competent agencies have permitted fuel wholesalers to set the sale cost for E5 and E10 at VND1,250 a liter, well above VND200 a liter now to help firms offset production costs.
Given the abovementioned factors, the base price of E5 has leapt by VND350 a liter. In the August 19 price adjustment, E5 was VND150 per liter lower than RON92. The gap was VND500 a liter in the past.
Source: english.thesaigontimes.vn
