Gasoline price drops more than VND3,000 per liter

From July 11, the prices of retail gasoline in the domestic market have simultaneously dropped sharply by more than VND3,100 per liter.
Gasoline price drops more than VND3,000 per liter ảnh 1
Specifically, from 0:00 on July 11, the price of E5 RON92 gasoline is only VND27,788 a liter or down VND3,103 a liter while gasoline RON95-III is VND29,675 a liter, down VND3,088 per liter. Diesel oil price falls to VND26,593 a liter, down VND3,022 a liter, kerosene price drops to VND26,345 a liter, down VND2,008 a liter and fuel oil 180CST 3.5S slides to VND17,712 a kg, down VND2,010 per kg.
However, the inter-ministries of Industry and Trade - Finance have requested enterprises to increase the contribution level to the petrol price stabilization fund at a much higher level than that in previous petrol price adjustment periods. Specifically, the provision for all types of gasoline is VND950 a liter and diesel is VND550 per liter, kerosene VND800 a liter, and fuel oil VND950 a kg. At the same time, they do not spend the fund on all types of gasoline.
Thus, this is the second decrease after seven consecutive increases in gasoline prices to a record level, and this time, gasoline prices have fallen sharply, exceeding consumers’ expectations. Before the adjustment of petrol prices, many consumers said that they had temporarily stopped refueling vehicles and machinery to wait for the time to reduce retail prices on July 11.
The two ministries explained that the sharp drop in gasoline prices in this period is because the world petroleum market between the past two operating periods was affected by economic and political factors.
The prices of world gasoline fluctuated up and down, but the general trend was down. Forecasts and concerns about the global economic slowdown along with the new strain of the Covid-19 epidemic showing signs of complicated developments in some countries resulting in decreased gasoline demand, so petrol prices have dropped.
In the past time, in the face of continuously increasing gasoline prices, the Ministry of Finance has coordinated with the Ministry of Industry and Trade and related agencies to review and report to the Government for proposals and submission to the National Assembly Standing Committee for the decrease of environmental protection tax on petrol and oil to the lowest level.
Accordingly, the National Assembly Standing Committee has issued Resolution No. 20/2022 on reducing the environmental protection tax on gasoline, oil, and grease according to the level proposed by the Government. The new environmental protection tax on gasoline, oil, and grease will be applied from July 11, 2022. In which, the reduction for gasoline is VND1,000, it is VND500 - VND700 for oil contributing to the reduction of gasoline prices in the country.

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