Gasoline prices raised after mid-Jan hiatus

Retail gasoline prices in Vietnam increased by VND970-990 ($0.04) per liter on Monday after remaining unchanged mid-January.

RON 95-III gasoline went up to VND23,140 ($0.99) per liter, while E5 RON 92 hit VND22,320 ($0.95).

Kerosene rose by VND770 to VND22,570 ($0.97) a liter, while diesel oil climbed by VND890 to VND22,520 ($0.96) per liter.

Vietnamese authorities have continued to avoid using the Fuel Price Stabilization Fund, and instead increased provisions for the fund, from VND103 to VND950 per liter for RON 95-III and VND121 to VND850 for each liter of E5 RON 92.

According to a National Assembly Standing Committee resolution, the environmental protection tax on gasoline and oil was adjusted from the beginning of 2023.

The tax rate applied to each liter of gasoline (except ethanol) is now VND2,000 ($0.08), diesel at VND1,000 ($0.04), kerosene VND600 ($0.03), fuel oil VND1,000, and lubricants and grease VND1,000 per kilogram.

Vietnam's inflation in 2022 was reined in at 3.15% compared with 2021's average, lower than the target of 4%.

This was a significant result, given that 2022 inflation was estimated at about 5.7% in developed countries and 8.7% in developing and emerging economies.