According to the Joint Ministry of Finance - Industry and Trade's directive, the price of E10 RON 95-III gasoline increased by 100 dong, reaching 27,180 dong per liter. E5 RON 92 saw an increase of 170 dong, setting its price at 26,560 dong per liter.

Conversely, diesel oil prices decreased by 780 dong, with a new price of 29,710 dong. However, mazut oil increased to 20,390 dong per kg.

During this adjustment period, authorities allocated 200 dong per liter from the Price Stabilization Fund for diesel oil but ceased using the fund for other commodities.

Fuel prices have changed as follows:

All fuel taxes, excluding the special consumption tax, will continue to be reduced until the end of this year, as per the Government's resolution dated 30/9. This means that the Most Favored Nation (MFN) preferential import tax, environmental protection tax, and Value Added Tax (VAT) on fuel will remain at 0%.

The special consumption tax on gasoline, however, remains unchanged under current regulations: 10% for mineral gasoline, 8% for E5, and 7% for E10. This continued tax incentive aims to mitigate the impact of fuel prices on inflation, production, and business activities, especially amidst ongoing risks in the energy market due to the Middle East conflict.

The Ministry of Industry and Trade is currently finalizing a new decree on fuel business, which will grant businesses more autonomy in pricing. Instead of the State announcing base prices, primary fuel traders will calculate and publish retail prices based on input factors. For areas distant from ports or storage facilities, these primary businesses may set higher prices, but not exceeding 2%.

The State will retain intervention tools for unusual market fluctuations, such as adjusting supply, reserves, taxes, fiscal and monetary policies, and the Price Stabilization Fund if necessary. In critical situations, regulatory bodies can manage fuel prices for a specific period.

* Further updates to follow

By Phuong Dung