Several countries in Asia have begun to remove or lower taxes on gasoline and diesel. This is due to large price increases and fears of supply problems in the wake of the ongoing conflict in the Middle East. This was reported by the news agencies Reuters and AFP early Friday morning.
In Vietnam, the Ministry of Commerce announced on Friday morning that it will temporarily remove the environmental tax on gasoline, diesel and jet fuel from April 15.
- It is considered an urgent and effective solution to stabilize the oil market and ensure national energy security in the midst of the escalating conflict in the Strait of Hormuz, which is creating the largest energy bottleneck ever, the ministry wrote in a statement according to AFP.
According to the Vietnamese Ministry of Commerce, the temporary lifting of the taxes will reduce gasoline prices by 26 percent, while diesel prices will fall by just over 15 percent.
In India, the Ministry of Finance on Thursday removed the excise tax on diesel and lowered the tax on gasoline. According to Reuters, a government order states that the tax on gasoline is being reduced from 13 rupees to 3 rupees per liter. This corresponds to a reduction of 0.7 Danish kroner.
The United States and Israel launched coordinated attacks against Iran on February 28. Iran subsequently imposed a de facto blockade of the Strait of Hormuz, through which a fifth of all crude oil and liquefied natural gas in the world normally passes.
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, said on Thursday that the global trading system is suffering from "the worst disruptions in the past 80 years."
- The world order and the multilateral system as we know it have changed irrevocably, she said, adding:
- We cannot deny the scale of the problems facing the world today.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
