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Thursday, September 29, 2022

Gasoline prices fall over VND1,000 per liter starting today

The Saigon Times

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HCMC – The ministries of Industry-Trade and Finance have revised down the domestic fuel retail prices by over VND1,000 per liter, with effect from 12 a.m. today, April 1.

The ministries made this move after the National Assembly’s Resolution No.18 on cutting environmental protection tax on fuels came into force the same day and will be valid until the end of this year.

Under the resolution, the environmental protection tax imposed on gasoline products in the local market was cut by VND2,000 per liter. However, amid the fluctuations in global fuel prices and the deployment of the national fuel price stabilization fund, domestic fuel prices enjoyed lower cuts.

Specifically, bio-fuel E5 RON92 now sells for VND27,310 per liter, down VND1,020. The higher-grade RON95-III dropped by VND1,040 a liter to VND28,150.

Regarding petroleum products, although they are subject to a 50% cut in environmental protection tax, equivalent to a decline of VND1,000 per liter or kilogram, the global oil price hikes prompted the retail prices of oil products in the local market to rise sharply.

The prices of diesel oil, kerosene, and heavy fuel oil soared by VND1,450 a liter, VND1,520 a liter, and VND505 per kilogram to VND25,080, VND23,760, and VND20,930, respectively.

During this fuel price adjustment, the ministries decided to extract VND250 for each liter of bio-fuel E5 RON92 petrol sold to customers, VND200 for each liter of RON95 gasoline, VND100 for each liter of diesel oil to replenish the fund.

Meanwhile, fuel wholesalers were allowed to tap the fund VND500 for each liter of kerosene sold to customers.

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