HCMC — Fuel retail prices in Vietnam fell sharply from 3:30 p.m. today, April 9, marking the second consecutive downward adjustment in two weeks.
According to a joint decision by the Ministry of Industry and Trade and the Ministry of Finance, E5 RON92 bio-gasoline dropped by VND2,393 to VND22,344 per liter, while RON95-III gasoline fell by VND2,993 to VND23,543 per liter. Since early this year, the market has seen significant volatility, with RON95 posting 12 increases, nine decreases, and two periods of stability.
Diesel oil plunged by a staggering VND9,872 to VND32,969 per liter, while heavy fuel oil dropped by VND1,658 to VND22,613 per kilogram.
The reductions are supported by aggressive fiscal interventions, including the Government’s proposal to zero out the environmental protection tax, VAT and special consumption tax on fuels until June 30. Furthermore, the Ministry of Industry and Trade recently received a budget injection of VND8 trillion to bolster the fuel price stabilization fund.
This time around, the two ministries opted to maintain the fund by collecting a surcharge of VND800 to VND1,000 per liter instead of utilizing it to subsidize prices, reflecting a strategy to build a financial buffer for future global market fluctuations.
