People wait for a refuel at a gasoline station in HCMC in October 2022. Photo by Read/Quynh Tran
Vietnam gasoline prices decreased by 6.47-18.8% late Thursday night.
The popular fuel RON95 dropped 18.8% from Wednesday to VND24,330 (US$0.92) per liter.
Biofuel E5 RON92 saw a 16.9% decline to VND28,070 per liter.
Diesel went down 6.47% to VND35,440 per liter.
Globally, RON95 gasoline slid 7.4% from Wednesday to $135.6 per barrel, diesel fell 6.5% to $204.6 per barrel, according to the Ministry of Industry and Trade and the Ministry of Finance.
Besides the drop in the global prices, local rates have also declined due to a series of tax changes issued late on Thursday.
The trade ministry said a decision issued by the Prime Minister, effective from Thursday to April 15, has slashed the environmental protection tax on gasoline (excluding ethanol), diesel, and aviation fuel to zero from VND1,500–2,000 previously.
The excise tax on all types of gasoline and value-added tax on gasoline, diesel, and aviation fuel were also adjusted, with the former being cut to 0% from 10%.
The trade ministry earlier said escalating conflict in the Middle East has put the domestic fuel market under pressure, but local fuel supply remains secure.
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