Monday , December 11 2023

Gasoline prices slip for the first time in three months

Vietnam gasoline prices dropped by 2.2-2.3 percent Monday, the first time after seven consecutive upward adjustments since Dec. 10, 2021.

The price of popular gasoline RON 95 decreased by VND630 to VND28,330 per liter, while that of biofuel E5 RON 92 fell VND650 to VND29,190. ($1 = VND22,875)

The prices of other fuels, including kerosine, diesel and mazut also lowered by 2.7-7.5 percent.

This is the first time authorities adjusted gasoline prices downward since last December. Gasoline prices have surged around 30 percent since, with the highest increase of 10 percent on March 11.

The Ministry of Industry and Trade, and Ministry of Finance, both responsible for adjusting gasoline prices in Vietnam, stated the average global prices of petroleum products went down by 7.3-15.7 percent in the last 10 days.

The price of crude oil on the global market has risen from last week’s low of $95 per barrel to nearly $110 per barrel on Monday.

The environmental tax on gasoline is expected to halve from April 1 if approved by the National Assembly.

The current tax rates are VND4,000 for gasoline and VND1,000-2,000 for other fuels.

Vietnam authorities make gasoline price adjustments on the 1st, 11th and 21st day of the month; therefore, changes follow global movements after a certain delay.

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