The popular fuel E10 RON95 declined 3.81% to VND23,230 (US$0.90) per liter.
E5 RON92 slipped 4.21% to VND23,200. Diesel dropped 4.53% to VND28,870.
Global energy markets in recent days were influenced by the results of the U.S. midterm elections and plans by Saudi Aramco, Saudi Arabia’s national oil company, to expand its crude oil pipeline network, according to the Ministry of Finance and the Ministry of Industry and Trade.
RON95 dropped nearly 11% to $113.9 per barrel. Diesel edged down 0.44% to $163.6 per barrel, while fuel oil fell approximately 11.3% to $732.8 per metric ton.
The special consumption tax on all gasoline grades was cut to zero on Nov. 1 and will remain at that level through March 2027. The tax cut has reduced domestic gasoline prices by VND1,575-1,804 per liter and is expected to lower government revenue by more than VND7.67 trillion.
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An employee refills a motorbike at a fuel station in HCMC, October 2022. Photo by VnExpress/Thanh Tung |
E10 RON95 biofuel went on sale nationwide on June 1, fully replacing conventional gasoline. So far, 11 companies have been licensed to blend biofuels, with a combined capacity of 1.41 million cubic meters per month.
This is about 400,000 cubic meters above monthly consumption of around 1 million cubic meters.
At a government press briefing on Wednesday, Deputy Minister of Industry and Trade Luong Hoang Thai said the ministry had received 315 comments about E10 gasoline over five months, mainly in June and July.
Over the past two months, the ministry has “received almost no further feedback related to E10 gasoline,” he said.