A worker adjusts fuel prices at a HCMC gas station on March 11, 2022. Photo by VnExpress/Dinh Van
After the environment tax was reduced by half, gasoline prices fell by more than VND1,000 (4.3 US cents) on Friday.
Popular RON 95 and biofuel E5 RON 92 varieties have been 3.6 percent less expensive at VND28.150, and VND27.300.
However, prices of kerosene (diesel) and mazut went up by 2.4-6.4%
The retail price adjustment for gasoline is usually made at 3:00 p.m. on the 1st, 11th, and 21st of each month. However, this time it was made by midnight on the 31st.stThe environmental tax cut was effective.
The largest tax and fee on fuel, VND2,000 for gasoline, has been reduced by half to VND700-1,000 for other fuels. They will remain in effect through the remainder of the year.
The tax cut would have caused gasoline prices to rise by VND1,000-2800 per liter Friday without the tax reduction.
The global market price of crude oil is now $100 per barrel, down from last week’s average $114.