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10 percent cut in electricity prices proposed to help ease COVID-19

The Ministry of Industry and Trade has sent a report to the Prime Minister, proposing a reduction in the prices of electricity for three months to help ease difficulties facing production and business in the context of the ravaging COVID-19.

In the document, dated April 1, the ministry proposed that in the April – June period, the price of electricity for household consumption of up to 300kWh be cut by 10 percent. By so doing, it will suffer a loss of 2.930 trillion VND (about 124 million USD).

A cut of the same level was also proposed for production and business customers which will set the ministry back by 6 trillion VND. As for the accommodation customers, the electricity price for them will be reduced to that of the production households and this will lead to a loss of 1.8 billion VND for the ministry.

Besides, it also proposed the exemption of electricity costs for concentrated quarantine and treatment establishments related to the COVID-19, the total losses from which will amount to 100 billion VND.

As a result, the ministry’s revenue this year from the sale of electricity will fall by nearly 11 trillion VND.

It said cost-saving measures will be applied within the ministry to help offset the losses./.