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Saturday, February 4, 2023

Fuel prices expected to slide further

The Saigon Times

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HCMC – Domestic fuel prices are expected to be revised down today, December 21.

Ministry of Industry and Trade data showed fuel prices on the Singaporean market slightly dropped on December 15, with E5 RON 92 bio-gasoline hovering around US$84 per barrel, RON 95-III gasoline falling to US$89 per barrel, and oil ranging from US$110 to US$120 per barrel.

As global oil prices are in decline, gasoline prices are expected to fall by VND300 to VND500 per liter if the ministry does not tap the fuel price stabilization fund, according to a gasoline trading company leader in HCMC.

Likewise, a representative of a fuel company supplying the northern provinces predicted E5 RON 92 gasoline would slide to below VND20,000 per liter and diesel oil to VND21,000 per liter.

The Government has agreed to reduce the environmental protection tax on fuels, applying the lowest levels as proposed by the Ministry of Finance on December 16. It also authorized the ministry to submit and explain the content of the proposal to the National Assembly’s Standing Committee.

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