Petrol prices have decreased while oil saw a price hike from April 1 following the latest adjustment by the Ministry of Industry and Trade and Ministry of Finance.
Petrol prices have decreased while oil saw a price hike from April 1. Illustrative photo
The adjustment was made after the government agreed to cut environmental protection tax on petrol products by 50% from April 1 to the end of this year, taking the tax rate on petrol to VND2,000 per litre, and oil to VND1,000.
Following this adjustment, the prices of E5 RON 92 and RON 95 fell by VND1,021 and VND1,039 per litre respectively. Meanwhile, diesel and kerosene prices increased by VND1,447 and VND1,519 per litre respectively. Mazut oil witnessed a rise of VND506 per kilo.
As such, E5 RON 92 is being sold at VND 27,309 per litre, while the price for RON 95 is VND 28,153 per litre, diesel at VND 25,080 per litre, kerosene at VND 23,764 and mazut oil at VND 20,929 per kilogramme.
According to the Ministry of Industry and Trade, the prices of fuel products, especially oil have recently increased sharply in the global market. Therefore, they have had to subsidise the domestic fuel price using the stabilization fund to prevent the retail prices from going too high.
In the latest adjustment on March 21, petroleum prices fell slightly after seven consecutive increases since December 25, 2021.
