Tomorrow (July 11th), gasoline and diesel prices will drop sharply.
Domestic fuel prices are predicted to fall sharply in the price adjustment on July 11th, thanks to a significant drop in global fuel prices compared to the previous period and the maximum reduction in environmental protection tax.
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Starting tomorrow (July 11th), gasoline and diesel prices will drop sharply. (Photo: Archival image) |
These days, gas stations are constantly receiving notices of increased discounts from fuel wholesalers.
Following the price adjustment on July 1st, discounts were offered by some distributors.gasolineThe proposed prices were 1,400 VND/liter for diesel, 1,350 VND/liter for RON95 gasoline, and 1,400 VND/liter for E5 gasoline. However, as the price adjustment period approached, especially after the National Assembly Standing Committee agreed to drastically reduce the environmental protection tax, the discounts offered to dealers increased significantly.
On July 7th, some traders announced that the discount on diesel fuel had increased to 2,200 VND/liter. By July 8th, the discount in some places had reached 3,200 VND/liter for diesel fuel, and 2,800 VND/liter for RON95 and E5 gasoline.
The typical discount in many places also ranges from 1,500 to 2,000 VND/liter of gasoline/diesel.
Domestic fuel prices are expected to drop sharply on July 11th, which is why major distributors are increasing discounts for retailers. However, the extent of the price reduction will depend heavily on how much the regulatory agency allocates to the Fuel Price Stabilization Fund. This is because the Fuel Price Stabilization Funds of many large enterprises are already in deficit.
Earlier, on the morning of July 6th, 100% of the members of the National Assembly Standing Committee voted to approve the resolution on reducingenvironmental protection taxRegarding gasoline, diesel, and lubricants, the tax rates should be set at the minimum level as proposed by the Government.
Specifically, gasoline (excluding ethanol) decreased from 2,000 VND/liter to a floor price of 1,000 VND/liter. Aviation fuel decreased from 1,500 VND/liter to a floor price of 1,000 VND/liter. Diesel fuel decreased from 1,000 VND/liter to a floor price of 500 VND/liter. Mazut, lubricating oil, and lubricating grease decreased from 1,000 VND/liter to a floor price of 300 VND/liter. Kerosene tax remained at 300 VND/liter.
Speaking at the Ministry of Finance's mid-year review conference, Deputy Prime Minister Le Minh Khai requested the Ministry of Finance to quickly complete the procedures for timely implementation in the upcoming fiscal year (July 11). The Ministry of Finance has also submitted a proposal to the Government to reduce value-added tax.excise taxRegarding gasoline and diesel fuel, and other taxes on gasoline and diesel (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 in order to propose appropriate solutions.
