Gasoline prices increase

Gasoline prices have risen slightly, reaching VND27,180 per liter, according to recent updates. Globally, fuel prices remain impacted by the conflict in the Middle East, which continues to affect market conditions. RON95, a popular fuel type, saw a 0.03% increase to $147.25 per barrel, while diesel saw a 3.7% decrease to $167 per barrel.

Despite these fluctuations, certain tax measures for petroleum products, aside from the special consumption tax, will persist through the end of the year as per a government resolution. The special consumption tax on gasoline will continue to apply at current rates for conventional gasoline, E5, and E10. This tax relief was extended due to ongoing risks in the energy market stemming from the Middle East conflict, with the goal of mitigating fuel price impacts on inflation, production, and business activity.

The Ministry of Industry and Trade is currently drafting a new decree on petroleum trading, aiming to grant businesses more autonomy in determining prices. Retail prices could vary among individual gas stations, with those in areas distant from ports and storage facilities potentially charged up to 2% more. The government retains the ability to intervene if market conditions become unusual, employing various tools such as supply adjustments, reserves, taxes, fiscal and monetary policies, and the Fuel Price Stabilization Fund.