Gasoline prices adjusted from 11pm today

According to the adjustment of the Ministry of Industry, Trade and Finance, the price of RON 95-III gasoline (a popular type on the market) increased by 3,150 VND, to 33,840 VND per liter. Similarly, E5 RON 92 adds 2,940 VND, with a new price of 30,110 VND.

Oil products (except fuel) increased by 2,080-6,240 VND per liter depending on type compared to the previous operating period. Specifically, each liter of diesel and kerosene has new prices of 39,660 VND and 40,450 VND, respectively.

In this operating period, the Price Stabilization Fund continues to be used, with 4,000 VND per liter of diesel; Gasoline, fuel and kerosene are 3,000 VND per liter. This is the seventh consecutive operating period in which inter-Ministries have used the Price Stabilization Fund.

Gasoline and oil prices change as follows:

Unit: VND/liter or kg, depending on type.

The Ministry of Finance is proposing to reduce the environmental protection tax on gasoline (except ethanol) from 2,000 VND to 1,000 VND per liter. Similarly, the tax rate on diesel can also be halved, from 1,000 VND to 500 VND. As for aviation fuel, the management agency proposed to bring this tax to 1,000 VND, a reduction of 500 VND compared to the current level.

Environmental protection tax is an indirect tax, calculated into the selling price of goods. When this tax is reduced, the retail price of the corresponding items also decreases. For example, if the environmental tax on gasoline (except ethanol) is reduced by 1,000 VND, the retail price of gasoline can decrease by about 1,080 VND per liter (including the value-added tax reduction). Similarly, when the environmental tax on jet fuel and diesel is reduced by 500 VND, the retail price of these items can be reduced by about 540 VND.

In recent days, Prime Minister Pham Minh Chinh has called and sent official letters to leaders of many countries, and at the same time worked with ambassadors of countries in Vietnam, asking them to support oil sources and ensure energy security. For example, Vietnam has mobilized 4 million barrels of oil from partners, or requested access to Japan’s oil reserves… The Ministry of Industry, Trade and Finance also spent the Fund to stabilize high gasoline prices and reduce MFN preferential tax to 0% to support fuel prices.