Monday , August 8 2022

Gasoline prices fall for first time in ten weeks

Vietnam’s gasoline prices dropped by 0.3-1.3 percent Friday, the first drop after seven consecutive upward adjustments since April 12.

The price of popular gasoline RON 95 decreased by VND110 to VND32,760 per liter, while that of biofuel E5 RON 92 fell VND410 to VND 30,890 ($1 = VND23,280).

The prices of other fuels, including kerosene, diesel and mazut were also lowered by 1.5-5.1 percent.

Prices of finished petroleum products on the global market fell by 0.8-6.6 percent since the last adjustment on June 21.

To cope with the skyrocketing prices, the Ministry of Finance has proposed cuts in environmental, excise and value-added taxes on gasoline.

If approved by the Standing Committee of the National Assembly, the environmental tax cut of VND500-1,000 is expected to take effect early August.

Lowering excise and value-added taxes will have to wait for a greenlight from the National Assembly. Its upcoming session is scheduled for October.

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