Gasoline prices highest since the beginning of the year
Each liter of E5 RON92 gasoline has a new price of 20,906 VND, RON95 up to 22,347 VND after the price increase from 3:00 p.m. this afternoon, October 6.
According to the announcement of retail gasoline price adjustment from the Ministry of Industry and Trade - Ministry of Finance, domestic retail gasoline and oil prices will increase by 403 - 752 VND per liter or kilogram depending on the type.
Specifically, E5 RON92 gasoline increased by 675 VND per liter; RON 95 gasoline increased by 577 VND; kerosene by 403 VND, diesel by 485 VND and mazut oil with the highest increase was 752 VND per kilogram.
After adjustment, each liter of E5 RON92 gasoline will cost a maximum of VND20,906; RON95 will cost VND22,347; diesel will cost VND18,611, kerosene will cost VND17,086 and mazut will cost VND15,694.
The operator said that the reason for the high domestic retail price is that the average price of finished gasoline on the world market has fluctuated strongly over the past 15 days, increasing by 3-5% depending on the type. According to statistics from the joint ministries, currently each barrel of RON92 gasoline costs an average of 90.363 USD; RON95 gasoline is 92.400 USD; diesel oil is 96.889 USD...
To control the shocking increase in domestic retail prices, the joint ministries continued to release the Petroleum Price Stabilization Fund, with E5 RON92 gasoline at 1,563 VND per liter; RON 95 at 700 VND per liter. Oil products spent 300 - 400 VND per liter on the Stabilization Fund. At the same time, the operator also stopped setting aside the Fund for petroleum to 0 VND per liter, kg.
This is the third consecutive increase in retail gasoline and oil prices since the beginning of September. After three consecutive price increases, the total price of each liter of E5 RON 92 gasoline has increased by about 1,296 VND; RON 95 gasoline has increased by more than 1,170 VND.
From January 1, 2019, the environmental tax on gasoline will increase from VND3,000 per liter to VND4,000, after the National Assembly Standing Committee approved the draft Resolution on environmental protection tax schedule for gasoline and oil. According to the Government's calculations in the draft submission, increasing the environmental tax on gasoline and oil will only increase the CPI in 2019 by 0.07 - 0.09%.
As the agency coordinating the management and operation of gasoline and oil prices, the leader of the Ministry of Industry and Trade in a recent meeting of the Price Management Steering Committee still suggested postponing the time to increase environmental tax on gasoline and oil due to concerns that it will affect inflation next year.
