The petrol price management period on April 1 will be different

Information about the petrol price adjustment period tomorrow (April 1), Deputy Minister of Industry and Trade Do Thang Hai said that normal petrol prices are adjusted at 3pm at each adjustment period. However, with the Resolution on environmental protection tax rates for gasoline, oil and grease officially taking effect from 0:00 tomorrow, the adjustment period on April 1 may be implemented sooner. .

Specifically, according to the previous Decree 83, petrol and oil were regulated every 15 days, now Decree 95 requires price control on January 1, 12, 21. At the same time, the price of petrol depends on the fluctuation of world petroleum.

However, recently, the National Assembly Standing Committee has decided to reduce the environmental tax at 2,000 VND/liter of gasoline, 1,000 VND/liter of oil… This reduction will have an impact on domestic gasoline prices, plus , negotiations between Russia and Ukraine have made progress, so gasoline prices tend to decrease, while before that, prices increased very high.

Deputy Minister Do Thang Hai also emphasized that the adjustment is earlier than usual to ensure maximum benefits for people and businesses.

Data from the Ministry of Industry and Trade showed that the average price of finished gasoline on the Singapore market was updated to March 28 with RON92 being 128.65 USD per barrel, RON95 being 132.48 USD per barrel, an increase of 7-8% compared with the previous adjustment.

However, gasoline prices in the 1/4 adjustment period can still drop sharply thanks to the reduction of petroleum environmental tax. Environmental tax on gasoline will start to decrease from April 1, 2022 to December 31, 2022. After this tax reduction, each liter of gasoline is reduced by 2,200 VND (including VAT) and the price of oil is also adjusted by 1,100 VND.

Combined with tax reduction and world price fluctuation data, domestic gasoline price in the quarter adjustment period is forecasted to decrease by more than 1,000 VND per liter.

According to the General Statistics Office, after the first 3 months of the year, gasoline prices were adjusted 7 times (in which there were 6 price increases and 1 price reduction), making A95 gasoline price increase by 5,900 VND/liter; E5 gasoline price increased by 5,780 VND/liter and diesel oil price increased by 6,060 VND/liter. On average, in the first quarter of 2022, the domestic gasoline price increased by 48.81% over the same period last year and the impact on the overall CPI increased by 1.76%.