The popular fuel RON95 went up 0.37% to VND27,180.
E5 RON92 rose 0.64% to VND26,560.
Diesel fell 2.56% to VND29,710.
Globally fuel prices continued to be affected by the Middle East conflict. RON95 increased 0.03% to $147.25 per barrel while diesel dropped 3.7% to $167, according to the Ministry of Industry and Trade and the Ministry of Finance.
Tax cuts on petroleum products, excluding the special consumption tax, will remain in place through the end of this year under a government resolution issued Wednesday.
Most-favored-nation preferential import duties, environmental protection taxes and value-added tax on petroleum products will remain at zero.
The special consumption tax on gasoline will continue to apply at the current rates of 10% for conventional gasoline, 8% for E5 and 7% for E10.
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An employee refills a motorbike at a fuel station in Hanoi on May 28, 2026. Photo by Read/Hoang Giang |
The tax relief was extended as the energy market continues to face risks from the Middle East conflict, with the aim of limiting the impact of fuel prices on inflation, production and business activity.
The Ministry of Industry and Trade is finalizing a new decree on petroleum trading that would give businesses greater autonomy in setting prices.
Instead of the government announcing a base price, primary fuel traders would calculate and set their own retail prices. This means individual gas stations could soon charge different prices.
In areas far from ports and storage facilities, retail prices charged to consumers would be allowed to be up to 2% higher.
The government would retain tools to intervene during unusual market fluctuations, including adjustments to supply, reserves, taxes, fiscal and monetary policies, and the Fuel Price Stabilization Fund.