Tomorrow (July 11), gasoline and oil prices will drop sharply

From tomorrow (July 11), gasoline prices will drop sharply. Photo: Archive

These days, petrol dealers continuously receive notices of increased discounts from petrol wholesalers.

After the July 1st operating period, the discount level was distributed by some traders.gasolineThe proposed price for diesel is 1,400 VND/liter, RON95 gasoline is 1,350 VND/liter, and E5 gasoline is 1,400 VND/liter. But as the price adjustment period approaches, especially when the National Assembly Standing Committee agreed to drastically reduce the environmental protection tax, the discount for dealers has increased significantly.

The diesel discount rate on July 7 was announced by some traders to increase to VND2,200/liter. By July 8, the discount rate in some places had reached VND3,200/liter for diesel, VND2,800/liter for RON95 and E5 gasoline.

The normal discount rate in many places also ranges from 1,500 to 2,000 VND/liter of gasoline/oil.

The domestic gasoline price on July 11 is expected to decrease sharply, which is the reason why major traders have increased the discount rate for agents. However, the discount rate will depend largely on how much the management agency will set aside from the gasoline price stabilization fund. Because the gasoline price stabilization fund of many large enterprises is already negative.

Previously, on the morning of July 6, 100% of the members of the National Assembly Standing Committee voted to pass a resolution on reducingenvironmental protection taxfor gasoline, oil, and grease to the floor level in the tax rate schedule as proposed by the Government.

Specifically, gasoline (excluding ethanol) decreased from VND2,000/liter to the floor level of VND1,000/liter. Jet fuel decreased from VND1,500/liter to the floor level of VND1,000/liter. Diesel decreased from VND1,000/liter to the floor level of VND500/liter. Fuel oil, lubricants, and grease decreased from VND1,000/liter to the floor level of VND300/liter. Kerosene kept the tax level of VND300/liter.

Speaking at the Ministry of Finance's first-half review conference, Deputy Prime Minister Le Minh Khai requested the Ministry of Finance to quickly complete procedures for timely implementation in the upcoming administration period (July 11). The Ministry of Finance has also submitted to the Government a proposal to reduce value-added tax,excise taxRegarding other taxes on gasoline and oil (value added tax, special consumption tax, most-favored nation tax), the Deputy Prime Minister requested the Ministry of Finance to study and assess the impact to propose appropriate solutions.