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From 3pm this afternoon, gasoline prices decreased after 7 consecutive increases

Specifically, gasoline E5 RON 92 reduced by 650 VND/liter; RON 95 gasoline will decrease by 630 VND/liter, diesel oil will decrease by 1,630 VND, kerosene will decrease by 1,670 VND/liter, and fuel oil will decrease by 560 VND/kg.

Good news: From 3pm this afternoon, gasoline prices decreased after 7 consecutive increases - Photo 1.

Along with that, the executive agency set aside a stabilization fund for RON 95 gasoline at 50 VND/liter, E5 RON 92 gasoline at 200 VND, diesel oil at 400 VND per liter and kerosene at 200 VND. This period, the executive agency does not spend the petrol price stabilization fund.

After adjustment, gasoline E5 RON 92 has a maximum selling price of 28,330 VND/liter; RON 95 is 29,190 VND/liter; diesel oil 23,630 VND/liter, kerosene 22,240 VND/liter, fuel oil 20,420 VND/kg.

This is the first time since the beginning of the year gasoline prices have fallen. From the beginning of the year to now, gasoline prices have increased 6 times and this is the 7th time in a row since the end of last year. Previously, in the latest price adjustment on March 11, the price of gasoline E5 RON 92 increased by 2,908 VND, RON 95 increased by 2,990 VND, kerosene increased by 3,940 VND/liter, diesel oil increased by 3,950 VND/liter and fuel oil increased by 2,520 VND/kg.

Although the price has been reduced, this item is still at a fairly high level. According to Minister of Industry and Trade Nguyen Hong Dien, whether domestic gasoline prices can be reduced or not depends on the world situation. “We commit that when the world price increases, we advise to keep the domestic gasoline price from increasing at an acceptable level,” he stressed.

In order to keep the price of petrol and oil from rising too high compared to the world, it is necessary to have a Petroleum Price Stabilization Fund. Currently, the fund is limited, currently only about 600 billion VND while this fund in many businesses is already negative.

Therefore, in order to restrain the increase, the Ministry of Finance has proposed to reduce the environmental protection tax rate for gasoline to 2,000 VND/liter; diesel, fuel oil, lubricating oil is 1,000 VND/liter; grease is 1,000 VND/kg; kerosene is 700 VND/liter.

On the afternoon of March 23, the National Assembly Standing Committee will consider and pass a resolution on environmental protection tax rates for gasoline and grease. If approved, the resolution will take effect from April 1, 2022 to the end of December 31, 2022.

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