Gasoline price decreased by more than 500 VND/liter from 0:00 on January 1, 2019
The Ministry of Industry and Trade - Ministry of Finance has just released information on adjusting retail gasoline 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 decreased by 515 VND, RON 95 gasoline by 538 VND. Oil products decreased more deeply, 733-1,092 VND per liter, kg depending on the type.
Specifically, the Ministry of Industry and Trade - Ministry of Finance decided to use the Petroleum Price Stabilization Fund. Accordingly, E5RON92 gasoline will maintain the current deduction level; RON95 gasoline will be deducted at 500 VND/liter; Diesel oil will be deducted at 800 VND/liter; Kerosene will be deducted at 700 VND/liter; Mazut oil will be deducted at 500 VND/kg. The expenditure for using the Petroleum Price Stabilization Fund for E5RON92 gasoline is 550 VND/liter.
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| Gasoline prices drop more than 500 VND/liter on New Year's Eve |
After making provisions and using the above Petroleum Price Stabilization Fund, the price of E5RON92 gasoline decreased by VND515/liter, RON95-III gasoline decreased by VND538/liter, diesel 0.05S: decreased by VND1,092/liter, kerosene decreased by VND818/liter, and fuel oil 180CST 3.5S: decreased by VND733/kg.
Specifically, each liter of E5 RON 92 gasoline is a maximum of VND16,272 per liter; RON 95 gasoline is VND17,603; kerosene is VND14,185, diesel is VND14,909 and mazut is VND13,275 per kilogram.
Resolution No. 579/2018/UBTVQH14 dated September 26, 2018 of the National Assembly Standing Committee on Environmental Protection Tax Schedule takes effect from January 1, 2019. Thus, from January 1, 2019, environmental protection tax on gasoline (except ethanol) is VND 4,000/liter, diesel is VND 2,000/liter, kerosene is VND 1,000/liter, and fuel oil is VND 2,000/liter.
In addition, the price of E100 ethanol used to calculate the base price of E5RON92 gasoline applied in December 2018 is 14,778 VND/liter (excluding VAT). The average weighted import tax rate is 10% for mineral gasoline; 0.55% for diesel; 0.17% for kerosene; 2.47% for fuel oil. The proportion of gasoline sources used to calculate the special consumption tax price is 26% from imported sources and 74% from domestically produced sources.
Previously, the Government Office had issued an official dispatch conveying the opinion of Deputy Prime Minister Vuong Dinh Hue requesting the Ministry of Industry and Trade - Ministry of Finance to use the Petroleum Price Stabilization Fund to not increase prices on January 1, 2019, to offset the price increase due to the application of the new environmental protection tax schedule. He also requested the Ministry of Industry and Trade - Ministry of Finance to continue to manage petroleum prices according to Decree No. 83.
