From 1/7, the VAT on gasoline decreased by 2%, from 10% to 8%, according to the National Assembly's resolution. Accordingly, gasoline prices decreased correspondingly from midnight on 1/7.

This is the second gasoline price adjustment in this cycle. Previously, from 3:00 PM on 26/6, retail gasoline prices were adjusted upwards, ranging from 260 to 550 VND per liter. This price was applied until midnight on 1/7, before the National Assembly's resolution on VAT reduction took effect.

Compared to the 26/6 adjustment, the prices of RON 95-III and E5 RON 92 are now 380-390 VND lower per liter. Similarly, oil prices are 310-360 VND lower per liter/kg.

However, compared to the previous adjustment period (19/6), the price of RON 95-III (the most common type on the market) decreased by 130 VND to 21,110 VND per liter. E5 RON 92 also decreased by 100 VND to 20,530 VND.

Other oil products (except mazut) increased by 140-190 VND per liter. Diesel increased by 190 VND to 19,340 VND per liter. Kerosene and mazut are now priced at 19,060 and 16,950 VND respectively.

Gasoline and oil price changes are as follows:

Unit: VND/liter or kg, depending on the product

The Ministry of Industry and Trade said domestic gasoline prices in the first six months of the year remained lower than the same period last year and previous years. This contributed to reducing input costs for production and business, supporting the goal of controlling inflation.

This year, the minimum total supply allocated to key traders is more than 29.5 million m3/tons of various types of gasoline and oil. In the first half of the year, businesses prepared about 13.86 million m3/tons for the domestic market, equal to 47% of the minimum allocated amount from the beginning of the year. However, actual consumption was 12.6 million m3/tons, resulting in an inventory of about 1.7-1.8 million m3/tons.

Phuong Dung