The Ministry of Industry and Trade - Ministry of Finance announced that the global fuel market in recent days continued to be affected by information related to the Middle East conflict.

In this afternoon's adjustment period, the ministries continued to adjust domestic fuel prices. RON 95-III gasoline, a common type in the market, decreased by 280 VND to 24,070 VND per liter. Similarly, E5 RON 92 has a new price of 23,130 VND.

Diesel products also decreased compared to the previous adjustment period. Specifically, each liter of diesel decreased by 270 VND, while mazut decreased by 590 VND per kilogram.

Regulators continued to suspend contributions to the Fuel Price Stabilization Fund for these products.

Domestic fuel prices have undergone 21 adjustment periods since late February. During this time, RON 95-III increased 11 times, decreased 8 times, and remained unchanged two times. Similarly, diesel increased 9 times, decreased 10 times, and had two periods of stable prices.

Since late April, kerosene has been removed from the list of announced retail fuel base prices by the Ministry of Industry and Trade, as per Circular 21. Kerosene is no longer a common consumer product, and its consumption volume is very small, accounting for about 0.1% of the economy's total fuel consumption.

Currently, taxes such as environmental protection tax, special consumption tax, and value-added tax (VAT) on gasoline, oil, and jet fuel remain at 0% until the end of June, according to a National Assembly's Resolution.

Fuel import taxes also remain at 0% until 30/6, according to a Government's Resolution. Maintaining low import taxes helps businesses access alternative supplies when supply chains in traditional markets like South Korea and ASEAN are affected by military conflicts.

Phuong Dung