Gasoline prices surge

The current price of gasoline RON 95-III is VND21,800 per liter, up VND1,100, while that of E5 RON 92 gasoline is now VND21,000 VND, according to the Ministry of Industry and Trade.

Diesel prices increased by VND550 to VND21,150 per liter and mazut oil prices surged by VND700 to VND13,630 per kilogram.

The price hike was mainly due to fluctuations in world prices over the past 10 days, according to Vietnamese government authorities.

Brent crude on Friday, the last trading day of the year, settled at $85.91 a barrel, up nearly 3% to $2.45 per barrel. U.S. West Texas Intermediate crude settled at $80.26 a barrel, up $1.86 or 2.4%, according to Reuters.

Starting January 1, the environmental tax on fuels was halved to VND2,000 per liter on gasoline and VND1,000 on diesel, lubricating oil and fuel oil.

The current lower environmental tax rates will be applied through 2023 before returning to double the current rate in 2024: VND4,000 on gasoline, VND3,000 on jet fuel, VND2,000 on diesel, fuel oil, lubricants and grease, and VND1,000 on kerosene.