Gasoline prices fall below 23,000 dong per liter

From 3:00 PM on April 23, gasoline and oil prices also fell by 100 to 1,160 dong per liter, depending on the product. According to the inter-ministerial Joint Ministry of Industry and Trade and Finance, the global gasoline and oil market over the past two days has continued to be affected by the Middle East conflict, as peace talks between the US and Iran have shown no progress, and tensions have risen at the Hormuz Strait. These factors have led to fluctuations in global refined petroleum product prices by product. Specifically, the price of refined gasoline RON 95 rose by 0.5%, diesel fell by 3.8%, and mazut fell by 3.7%. Hence, at today’s price adjustment session, the joint ministries continued to adjust domestic gasoline and oil prices. For gasoline RON 95-III (the type most common on the market) prices decreased by 160 dong, to 22,880 dong per liter. Likewise, E5 RON 92 fell by 100 dong, to 21,830 dong per liter. Advertisement Conversely, the prices of diesel and mazut declined by 820–1,160 dong per liter, depending on the type, compared with the previous adjustment. Specifically, diesel is now priced at 26,690 dong per liter and mazut at 18,810 dong per liter. The levy for the Fuel Stabilization Fund remains at 400 dong per liter for both diesel and mazut. Gasoline and diesel price changes are as follows: Item Change vs. previous period RON 95-III gasoline 22,880 dong/liter +160 dong Xăng E5 RON 92 21,830 dong/liter +100 dong Dầu Diesel 26,690 dong/liter +1,160 dong From late February, domestic fuel prices have undergone 18 price adjustments, with RON 95-III up 9 times, down 7 times, and unchanged 2 times. Since the start of April, domestic fuel prices have continuously declined. However, RON 95-III remains about 2,730 dong higher than at the end of February (when the Middle East conflict began to escalate), and diesel about 7,420 dong higher. Taxes such as environmental protection tax, excise tax, and value-added tax (VAT) on gasoline, oil, and fuels remain at 0% through the end of June, per a parliamentary resolution. Import tax on gasoline, oil, and blending materials is currently 0%, but the measure ends on April 30. The Finance Ministry is proposing to extend the reduction to June 30. It also proposes expanding the list of items eligible for the 0% tax rate (instead of the current 5%) to three codes of materials to support production at the Nghi Son refinery. The Finance Ministry notes that with import tariffs on gasoline and oil reduced to 0% since early March, enterprises have had the opportunity to access alternative supply sources when supply chains in traditional markets such as Korea and ASEAN were disrupted by the military conflict. This helps ensure domestic supply to meet demand, contributing to stabilizing the gasoline and oil market and macroeconomy. Phương Dung