Gasoline prices decreased by more than 500 VND/liter from 0:00 on January 1, 2019.
The Ministry of Industry and Trade and the Ministry of Finance have just released information regarding the adjustment of retail gasoline and diesel prices on the first day of the new year 2019. Accordingly, from 0:00 on January 1, 2019, each liter of E5 RON 92 gasoline will decrease by 515 VND, and RON 95 gasoline by 538 VND. Diesel products will see even deeper reductions, ranging from 733 to 1,092 VND per liter or kilogram depending on the type.
Specifically, the Ministry of Industry and Trade - Ministry of Finance decided to allocate funds from the Fuel Price Stabilization Fund. Accordingly, the allocation for E5RON92 gasoline remains unchanged; RON95 gasoline will be allocated 500 VND/liter; diesel fuel 800 VND/liter; kerosene 700 VND/liter; and fuel oil 500 VND/kg. The amount disbursed from the Fuel Price Stabilization Fund for E5RON92 gasoline is 550 VND/liter.
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| Gasoline prices dropped by more than 500 VND/liter on New Year's Eve. |
After making deductions and using the Fuel Price Stabilization Fund, the price of E5RON92 gasoline decreased by 515 VND/liter, RON95-III gasoline decreased by 538 VND/liter, 0.05S diesel decreased by 1,092 VND/liter, kerosene decreased by 818 VND/liter, and 180CST 3.5S mazut decreased by 733 VND/kg.
Specifically, the maximum price per liter for E5 RON 92 gasoline is 16,272 VND; for RON 95 gasoline it is 17,603 VND; for kerosene it is 14,185 VND, for diesel fuel it is 14,909 VND, and for fuel oil it is 13,275 VND per kilogram.
Resolution No. 579/2018/UBTVQH14 dated September 26, 2018, of the Standing Committee of the National Assembly on the Environmental Protection Tax Schedule takes effect from January 1, 2019. Therefore, from January 1, 2019, the environmental protection tax on gasoline (excluding ethanol) is 4,000 VND/liter, diesel fuel is 2,000 VND/liter, kerosene is 1,000 VND/liter, and fuel oil is 2,000 VND/liter.
Furthermore, the price of E100 ethanol used in calculating the base price of E5RON92 gasoline remains the same as in December 2018, at 14,778 VND/liter (excluding VAT). The weighted average import tax is 10% for mineral gasoline; 0.55% for diesel; 0.17% for kerosene; and 2.47% for fuel oil. The proportion of gasoline used to calculate the special consumption tax is 26% from imported sources and 74% from domestic production.
Previously, the Government Office issued a document conveying the opinion of Deputy Prime Minister Vuong Dinh Hue, requesting the Ministry of Industry and Trade and the Ministry of Finance to use the fuel price stabilization fund to prevent price increases on January 1, 2019, in order to offset the price increase caused by the application of the new environmental protection tax rate. He also requested the Ministry of Industry and Trade and the Ministry of Finance to continue managing fuel prices according to Decree No. 83.
