Gasoline prices may drop sharply tomorrow
World prices increased last week, but domestic retail gasoline prices may still cool down from tomorrow, thanks to a 2,000 VND reduction in environmental tax.
Normally, new gasoline prices are announced at 3 p.m., but in the April 1 adjustment period, gasoline prices will be adjusted earlier due to the environmental protection tax reduction taking effect from 0 a.m. - source fromMinistry of Industry and Trade - Financesaid.
Data from the Ministry of Industry and Trade shows that the average price of finished gasoline on the Singapore market updated to March 28 was 128.65 USD per barrel for RON92 and 132.48 USD per barrel for RON95, up 7-8% compared to the previous adjustment.
Share with PV,The leader of a petroleum hub in Ho Chi Minh City said that over the past 10 days, world oil and gas prices have increased sharply again. However, since April 1, environmental tax has been reduced by VND2,000 per liter for gasoline and VND1,000 for oil, so this adjustment periodpetrol pricewill decrease sharply.
"According to calculations based on available data, gasoline prices will decrease by around VND1,200-1,300 per liter," said a petroleum leader in Ho Chi Minh City.
Sharing the same view, the Director of a petroleum hub in Hanoi said that this time, gasoline prices are forced to go down because the policy of reducing environmental tax on gasoline has come into effect. In addition, in this management period, the manager may allocate more from the Stabilization Fund.
Environmental tax on gasoline will start to decrease from April 1, 2022 to December 31, 2022. After this tax reduction, each liter of gasoline will decrease by VND 2,200 (including VAT) and the oil price will also be adjusted by VND 1,100.
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In addition to reducing environmental protection tax, the Government's auditing agency proposed to consider reducing the most-favored-nation (MFN) import tax on gasoline, and consider this as an additional measure to intervene in case of fluctuations in world crude oil prices. This tax reduction will be calculated based on the assessment of the import situation from ASEAN countries, Korea, Singapore... and fluctuations in world prices.
The Finance and Budget Committee also requested the Government to strengthen management, inspection and take measures to reduce supply pressure on the market. This is to ensure that domestic petroleum enterprises use their commercial reserves of petroleum in accordance with regulations.
In the adjustment period of March 21, each liter of RON 95 and E5 RON92 gasoline decreased by 630-650 VND; and diesel oil decreased by more than 1,630 VND. Thus, after adjustment, the price of E5 RON 92 gasoline is 28,330 VND per liter; RON 95 is 29,190 VND. Kerosene is 22,240 VND per liter. Diesel oil is down to 23,630 VND per liter.
