Gasoline suddenly dropped in price at midnight, to less than 30,000 VND per liter

From 0:00 on July 11, each liter of gasoline decreased from 3,090 to 3,110 VND, and some other oil products also had their selling prices adjusted.

According to the Ministry of Industry and Trade – Finance, with this adjustment, the price of E5 Ron 92 gasoline is 27,780 VND/liter, Ron 95 gasoline is 29,670 VND/liter, and some other oil products also have their selling prices adjusted, specifically:

  • E5 Ron 92 gasoline reduced by 3,110 VND/liter, selling price no more than 27,780 VND/liter
  • Ron 95 gasoline reduced by 3,090 VND/liter, selling price no higher than 29,670 VND/liter
  • Diesel oil decreased by 3,020 VND/liter, the selling price was not higher than VND/liter
  • Kerosene reduced by 430 VND/liter, selling price no higher than 28,350 VND/liter
  • Fuel oil decreased by 800 VND/kg, selling price was 18,920 VND/kg

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Instead of adjusting at 3:00 p.m. every 10 days, in this operating period the selling price is announced earlier due to the effect of reducing environmental protection taxes applied from 0:00 a.m. From July 11, 2022, gasoline prices from this operating period until the end of the year will be reduced to a “framework” of environmental protection tax. That means each liter of gasoline is 1,000 VND less, oil products are 500 – 700 VND per liter depending on the type (VAT not included). As for kerosene, the environmental protection tax rate remains 300 VND per liter because this is the floor rate in the tax rate bracket.

After 5 periods of not making an appropriation to the Price Stabilization Fund for gasoline products, this time the world price is falling deeply so the executive agency decided to set aside 950 VND for each liter of gasoline into the fund. Diesel oil is set at 550 VND per liter, kerosene at 800 VND and fuel oil at 950 VND per kilogram. This is to create space for the fund in the next operations and help the fund balance at many key enterprises become less negative.

Compared to the end of last year, the price per liter of Ron 95 is still 6,380 VND more expensive, E5 Ron 92 increased by 5,230 VND per liter, and diesel is 9,020 VND. This is also the 5th reduction this year and also the 18th adjustment of gasoline prices.

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