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Tuesday, December 6, 2022

Local fuel prices inch down after seven straight price hikes

The Saigon Times

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HCMC – Domestic gasoline retail prices have been revised down by VND110-410 per liter after seven consecutive hikes, according to an announcement jointly issued by the ministries of Industry-Trade and Finance today, July 1.

Bio-gasoline E5 RON92 and the premium RON95-III gasoline are now priced at VND30,890 and VND32,760 per liter, down VND410 and VND110, respectively, the local media reported.

Diesel oil was down by VND400 per liter to VND29,610, and the kerosene price was VND430 lower, at VND28,350. In addition, heavy fuel oil fell by VND1,010 per kilogram to VND19,720.

During this fuel price revision, the two ministries decided not to impose surcharges on RON95 and diesel oil to replenish the fuel price stabilization fund, while E5 RON92, kerosene and heavy fuel oil are subject to a respective surcharge of VND100, VND300 and VND800 a liter or kilogram.

To pull down the fuel price, the Ministry of Finance had earlier proposed reducing the excise and value-added taxes on fuels.

The ministry also proposed lowering the environmental protection tax by VND1,000 on each liter of gasoline and by VND700 on each liter or kilogram of oil and lubricant.

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