Vietnam’s petrol retail prices sharply fell on July 11 after the country cut the environmental protection tax on petrol and oil.
Illustrative photo
Following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance, the retail price of RON95 decreased by VND3,088 to a maximum of VND29,675 per litre, while that of E5RON92 bio-fuel fell by VND3,103 to VND27,788 per litre.
Meanwhile, the prices of diesel DO 0.05s-II and kerosene dropped by VND3,022 and VND2,008 to VND26,593 and VND26,345 per litre, respectively.
This was the second fuel price decrease since July 1 after seven consecutive increases.
The Vietnamese National Assembly on July 6 approved cutting the environmental protection tax for petrol, diesel and grease, which would be applied from July 11 to December 31.
The environmental protection tax rate will be reduced from VND 2,000 (USD 0.086) to VND 1,000 per litre for petrol (excluding ethanol), from VND 1,500 to VND 1,000 per litre for jet fuel, from VND 1,000 to VND 500 per litre for diesel, from VND 1,000 to VND 300 per litre for mazut and lubricant and VND 300 per kg for grease. The tax on kerosene remains unchanged at VND 300 per litre.