Tuesday , March 28 2023

How Vietnam gasoline prices compare with that of other countries

Gasoline prices have doubled in Vietnam in less than two years to an all-time high, and account for a higher ratio of income than in several neighboring countries.

The Vietnamese government last week hiked the price of the popular RON95 variety of gasoline to VND29,820 per liter, or $1.297, half a percent higher than the global average, according to Gas Petrol Price.

In Southeast Asia, gasoline in Vietnam is more expensive than in Cambodia, Malaysia, Indonesia, and the Philippines.

A liter of gasoline costs around 12.7 percent of what an average Vietnamese earns per day. This is higher than the figures for Singapore (1.3 percent) and Thailand and Indonesia (both 7.5 percent), and lower than for the Philippines (13.4 percent) and Cambodia (24.4 percent).

Vietnamese gasoline prices include over 40 percent in taxes like the special consumption tax, import tax, value-added tax, and environment tax and fees.

The Ministry of Finance has proposed a 50 percent cut in environment tax from April 1.

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