Vietnam gasoline price drops for third time in a row
Retail gasoline prices in Vietnam slipped by VND2,715-3,605 ($0.15) a liter on Thursday, the third consecutive drop since the beginning of July.
The price of RON 95 and E5 RON92 gasoline fell by VND3,605 and VND2,715 to VND26,070 and VND25,073 ($1.07) a liter, respectively. Diesel oil dipped by VND1,735 to VND24,858 ($1.06).
The gasoline price has dropped to the level recorded in February this year.
A gasoline station in Hanoi. Photo by The Investor/Trong Hieu.
Retail gasoline prices in the country have witnessed 19 adjustment in the year to date, including 13 hikes and six reductions.
The National Assembly on July 6 adopted lowered environmental tax on fuel, applied from July 11 till the year-end, amidst increasing oil prices that put pressure on inflation.
The tax cuts - the second time in the year after the first this April - are expected to help the national economy better navigate a global situation in which oil prices have soared.
CPI in the first six months rose 2.44% on average against the same period last year. The WB and the IMF expect Vietnam’s 2022 inflation to be contained at a maximum of 4%, which is the State Bank of Vietnam's target.
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