The environmental tax has been halved to VND2,000 ($0.08) per liter on gasoline and VND1,000 on diesel, lubricating oil and fuel oil.
It is VND600 on kerosene and VND1,000 on jet fuel, according to a resolution passed Friday by the National Assembly’s Standing Committee.
The rates will apply through 2023 before returning in 2024 to VND4,000 on gasoline, VND3,000 on jet fuel, VND2,000 on diesel, fuel oil, lubricants and grease, and VND1,000 on kerosene.
The reduction will help reduce the retail prices of fuels and curb inflation.
Similar tax cuts were made in July and April 2022.
According to the Government, the retail prices of gasoline and diesel will decrease by VND770-3,300 per liter.
The most popular variety of gasoline now costs VND20,700 per liter, down VND3,170 from earlier this year.
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