Fuel Prices Experience Significant Decrease

A notable reduction in fuel prices has been observed, with RON95, a widely used gasoline type, experiencing a sharp decline of 18.8% to VND24,330 per liter, equivalent to approximately US$0.92.

Another type of fuel, E5 RON92, which is a biofuel, has seen its price drop by 16.9%, resulting in a new price of VND28,070 per liter.

In addition to these decreases, the price of diesel has also fallen, with a 6.47% reduction, bringing its price down to VND35,440 per liter.

On a global scale, the prices of RON95 gasoline and diesel have also decreased, with RON95 falling by 7.4% to $135.6 per barrel and diesel decreasing by 6.5% to $204.6 per barrel, as reported by the Ministry of Industry and Trade and the Ministry of Finance.

The decline in global prices, combined with recent changes to local tax rates, has contributed to the decrease in fuel prices within the country.

As part of these tax changes, the Prime Minister has implemented a decision to temporarily eliminate the environmental protection tax on gasoline, diesel, and aviation fuel, effective from Thursday until April 15, a significant reduction from the previous rate of VND1,500-2,000.

Furthermore, adjustments have been made to the excise tax on all types of gasoline, as well as the value-added tax on gasoline, diesel, and aviation fuel, with the excise tax being reduced to 0% from its previous rate of 10%.

Despite the tensions in the Middle East putting pressure on the domestic fuel market, the Ministry of Trade has assured that the local fuel supply remains stable and secure.

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