Gasoline prices fall to near 23,000 VND per liter as price adjustments take effect

From 4:00 PM on April 21, fuel and oil prices fell by 660–3,190 dong per liter, per kilogram, depending on the product. According to the adjustment by the Ministry of Industry and Trade and Finance, regular gasoline RON 95-III (the most widely used on the market) decreased by 720 dong, to 23,040 dong per liter. Similarly, E5 RON 92 dropped by 660 dong, with a new price of 21,930 dong. In contrast, diesel and mazut decreased by 700–3,190 dong per liter depending on type compared with the previous cycle. Specifically, diesel and mazut now have new prices of 27,850 dong per liter and 19,630 dong per kg, respectively. In this adjustment cycle, the ministries continue to earmark the Fuel Price Stabilization Fund for gasoline and oil, specifically diesel 600 dong, biofuel 200 dong, unleaded gasoline 400 dong and mazut 600 dong per liter or per kg. Prices change as follows: - Gasoline RON 95-III: 23,040 dong per liter, −720 - Gasoline E5 RON 92: 21,930 dong per liter, −660 - Diesel: 27,850 dong per liter, −3,190 - Mazut: 19,630 dong per kg, −700 Unit: dong per liter or per kg, depending on type. The global fuel market in this cycle is influenced by factors such as expectations of further peace talks between the US and Iran. These factors have led to a downward trend in world refined fuel prices. Specifically, the refined product prices fell by 5.2% for RON 95 gasoline, 11.9% for diesel, and 2.9% for mazut. Since the end of February, domestic fuel prices have undergone 17 price adjustments, with RON 95-III rising 9 times, falling 6 times and remaining unchanged 2 times. Similarly, diesel rose 8 times, fell 7 times, and had 2 cycles of price stability. Currently, each liter of RON 95-III is almost 2,900 dong higher, while diesel is about 8,600 dong higher than at the end of February — the time when the Middle East conflict escalated. According to a National Assembly resolution, from April 16 to June 30, environmental protection tax on gasoline (excluding ethanol), diesel, aviation fuel, kerosene and mazut is set to 0 dong. The special consumption tax on gasoline types is also reduced to 0%. Gasoline, diesel and aviation fuel are not required to declare or pay VAT but input VAT remains deductible. In the base price structure of gasoline and oil, VAT accounts for about 7.4%; environmental protection tax for 2.7–6%, and the special consumption tax for 6.7%. Therefore, reducing all these taxes to 0% through June 30 is a measure to support the year’s macroeconomic and inflation targets.