Gasoline prices jump another 2.5 percent

The price of popular RON 95 gasoline rose by 2.5 percent to VND32,370 ($1.39) a liter, while that of biofuel E5 RON 92 was 2.9 percent costlier at VND31,110.

Prices of diesel and kerosene skyrocketed by 9 percent to VND29,020 and VND27,830 a liter.

Only the mazut price fell to VND20,350 a liter, down 2.6 percent.

Pinning gasoline prices down is a focal point at the ongoing meeting of the National Assembly, where many lawmakers called on the government to cut taxes and fees to lower prices.

The environmental tax, a flat VND4,000 a liter on gasoline, has been halved since April 1. Further reductions are being considered on import, excise, and value-added tax.

On June 8, Minister of Finance Ho Duc Phoc told lawmakers that the country still has room to reduce price tags.

“The Ministry of Finance will evaluate the impact to request further tax cuts from the government and National Assembly,” Phoc said.

For the first five months this year, gasoline prices in Vietnam have been adjusted upward for 13 times and are almost 50 percent costlier year-on-year, Deputy Prime Minister Le Minh Khai has said.

On the global market, Brent crude oil prices have surpassed the March peak, reaching $123.58 a barrel last Wednesday. As of Monday afternoon, they had fallen to over $120 a barrel.