Gasoline prices plunge to 2-month bottom

Gasoline prices have reached their lowest point in two months, according to recent data. The popular fuel E10 RON95 fell by 3.81% to VND23,230 (US$0.90) per liter, while E5 RON92 declined by 4.21% to VND23,200 per liter. Diesel prices also dropped by 4.53% to VND28,870 per liter. The decline in gasoline prices was influenced by the results of the U.S. midterm elections and Saudi Aramco's plans to expand its crude oil pipeline network.

The special consumption tax on all gasoline grades was reduced to zero on November 1 and is expected to remain at that level through March 2027. This tax cut has led to a reduction in domestic gasoline prices by VND1,575-1,804 per liter, and is anticipated to lower government revenue by over VND7.67 trillion. E10 RON95 biofuel has been available nationwide since June 1, fully replacing conventional gasoline.

Currently, 11 companies have been granted licenses to blend biofuels, with a combined capacity of 1.41 million cubic meters per month. This is approximately 400,000 cubic meters more than the monthly consumption of around 1 million cubic meters. Deputy Minister of Industry and Trade Luong Hoang Thai mentioned that the ministry received 315 comments about E10 gasoline over five months, primarily in June and July, but has received little feedback since then.